The American e-commerce company, eBay is reportedly looking at new options for inorganic growth in India. Towards that, it has held talk with ShopClues, according to news reports. The firm is hoping to relaunch itself in the country for cross-border trade.
The firm is in talks with a few e-commerce firms like Shopclues, an Economic Times report said, adding that the company could be acquired by the latter.
"We plan to relaunch eBay India with a differentiated offer to focus initially on the cross-border trade opportunity, which we believe is significant,” an eBay spokesperson said, the report said.
In May this year, eBay had said it was ending its strategic partnership with Flipkart and will relaunch eBay India with a differentiated offering to focus on cross-border trade, according to a PTI report.
"Following the close of the transaction, we also will be ending our current strategic relationship with Flipkart, which includes unwinding our commercial agreements with Flipkart and terminating Flipkart's license to use the eBay.in brand," eBay had said in its statement.
E-commerce major Flipkart will shut down eBay.in next month and launch a new platform for refurbished goods as it attempts to tap into a large market segment that is predominantly unorganized, the report had said on Tuesday.
Last year, Flipkart had raised $1.4 billion from global technology majors eBay, Tencent and Microsoft. In exchange of an equity stake in Flipkart, eBay had made a cash investment of $500 million and sold eBay.in (India business) to Flipkart.
"Based on our learnings at eBay.in, we have built a brand new value platform launching with refurbished goods - a large market which is predominantly unorganised... As part of this launch, we will be stopping all customer transactions on eBay.in on 14 August, 2018 and transitioning to the new platform," Flipkart CEO Kalyan Krishnamurthy said in an email to employees, PTI report said.
eBay had forayed into India in 2004 and commenced operations through Bazee.com. It had also invested in e-commerce firm Snapdeal in 2013, but eventually wrote off its $61 million investment in February this year.
Updated Date: Jul 27, 2018 15:07:30 IST