Bengaluru: eBay, the global online marketplace, and Flipkart, the leading online shopping destination in India, have agreed to jointly address the e-Commerce customers in India. The agreement states that both the entities will mutually pursue cross-border trade opportunities to make eBay's global inventory accessible to more Indian consumers. Going forward, eBay's millions of active buyers globally will have access to more unique Indian inventory provided by Flipkart.

Further, eBay has poured $500 million in Flipkart. The investment by eBay is accompanied by a strategic commercial agreement with Flipkart, where the entity, in exchange for an equity stake in the

organization, sold eBay.in to Flipkart. Going forward, Flipkart will own and operate eBay.in business upon the close of transaction. Flipkart is all set to acquire eBay's buyers in India later this year. eBay will remove the number of active buyers in India from its reporting during the quarter in which the transaction closes. The company is not expecting this transaction to have a material impact on its guidance provided on January 25, 2017.

Commenting on the agreement, Binny Bansal, Group CEO, Flipkart says, "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 e-Commerce 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”.

Founded in Founded in 1995 in San Jose by Pierre Omidyar, eBay is the most vibrant marketplaces for discovering great value and unique selection. The company has enabled $84 billion of gross merchandise volume in 2016.

Speaking on the event, Devin Wenig, President & CEO, eBay Inc. asserts, "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. 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".