SAN JOSE, Calif. and
BANGALORE, India, April 10, 2017 /PRNewswire/ -- eBay Inc.
(NASDAQ: EBAY), a global commerce leader, and Flipkart, a leading
eCommerce company in India, have
agreed to jointly pursue eCommerce opportunities in the Indian
market. In exchange for an equity stake in Flipkart, eBay will
make a $500 million cash investment
in and sell its eBay.in business to Flipkart. Flipkart will own and
operate the eBay.in business upon the close of the
transaction. eBay and Flipkart have also entered into an
exclusive agreement in which they will jointly pursue cross-border
trade opportunities to make eBay's global inventory accessible to
more India consumers, while eBay's
millions of active buyers globally will have access to more unique
Indian inventory provided by Flipkart.
"The combination of eBay's position as a leading global
eCommerce company and Flipkart's market stature will allow us to
accelerate and maximize the opportunity for both companies in
India," said Devin Wenig, President and CEO of eBay
Inc. "eBay is committed to winning in India in partnership with Flipkart. Our
exclusive global trade partnership will allow eBay and Flipkart to
reach even more consumers around the world."
"This partnership between Flipkart and eBay is the coming
together of two pioneering innovators who have disrupted commerce
by applying technology. It bodes well for Indian and global
customers, sellers and the wider eCommerce ecosystem. eBay.in has
built a strong presence in India
over the years and we hope to take it to greater heights as part of
the Flipkart group," said Binny Bansal, Group CEO, Flipkart.
Upon the close of the transaction, which is expected later this
year, Flipkart will acquire eBay's buyers in India. eBay will
remove the number of active buyers in India from its reporting during the quarter in
which the transaction closes. eBay does not expect this
transaction to have a material impact on its guidance provided on
January 25, 2017.
Forward-Looking Statements
This press release contains forward-looking statements relating
to, among other things, the future performance of eBay Inc. and its
consolidated subsidiaries. These statements are based on
eBay's current expectations, forecasts and assumptions and involve
risks and uncertainties. Actual results could differ
materially from those predicted or implied in this press release
for a variety of reasons. You can find more information about
risks, uncertainties and other factors that could affect our
operating results in our most recent Annual Report on
Form 10-K and subsequent quarterly reports on Form 10-Q,
copies of which may be obtained by visiting eBay's Investor
Relations website at https://investors.ebayinc.com or the
SEC's website at www.sec.gov. You should not rely on any
forward-looking statements. All information in this press release
is as of April 10, 2017, and we do
not intend and undertake no duty to update this information.
About eBay
eBay Inc. (NASDAQ: EBAY) is a global commerce leader including
the Marketplace, StubHub and Classifieds platforms. Collectively,
we connect millions of buyers and sellers around the world,
empowering people and creating opportunity through Connected
Commerce. Founded in 1995 in San Jose,
Calif., eBay is one of the world's largest and most vibrant
marketplaces for discovering great value and unique selection. In
2016, eBay enabled $84 billion of
gross merchandise volume. For more information about the company
and its global portfolio of online brands, visit
www.ebayinc.com.
About Flipkart Group
The Flipkart Group is India's
largest e-commerce marketplace and includes group companies
Flipkart, Myntra, Jabong and PhonePe. Launched in October 2007, Flipkart offers over 80 million
products across 80+ categories and is known for pioneering services
such as Cash on Delivery, No Cost EMI and easy returns –
innovations that made online shopping more accessible and
affordable for millions of customers. Together with Myntra and
Jabong, which hold dominant positions in the online fashion market,
and PhonePe, India's first UPI
based payment app with offerings in nine languages, the Flipkart
Group has led the transformation of commerce in India.
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SOURCE eBay Inc.