After selling a minority stake in Flipkart Internet to Walmart for about $1.1 billion, San Jose, CA-based eBay Inc., plans to relaunch its own operations in India.
eBay ended its “current strategic relationship” with Flipkart including unwinding commercial agreements with the company and terminating Flipkart’s license to use the eBay.in brand.
The company said it will now relaunch eBay India with “a differentiated offer to focus initially on the cross-border trade opportunity.” “We believe there is huge growth potential for e-commerce in India and significant opportunity for multiple players to succeed in India’s diverse domestic market,” eBay said.
India’s e-commerce market is projected to be worth $200 billion in the next ten years.
