Indian e-commerce giant, Flipkart is acquiring eBay India in a deal that would be part of a $2 billion capital raising.
eBay India, which as of now stands in the 6th position in India’s internet business field, will get collapsed into Flipkart, Factordaily detailed citing sources.
As indicated by the reports, 20 March said that Flipkart had surrounded $1 billion as a piece of the arrangement and was searching for a billion more. The organization, be that as it may, has not remarked on the subsidizing or the securing of eBay India.
According to the report, Flipkart had secured the $1 billion on Friday with the backing of Microsoft Corp, EBay Inc and Tencent Holdings Ltd. But the company’s valuation at $10 billion, saw a decline from the its $15.5 billion valuation in 2015.
Flipkart has been in an extreme fight with Amazon to get a fortress on the quickly developing Indian market.
eBay propelled its operations in India in 2004, much before Flipkart’s introduction to the world and Amazon’s entrance, , but fell behind in the fast-paced market.