Flipkart is planning to acquire eBay India’s operations as part of its latest funding round of $2billion, reported by Factordaily.
eBay, which is a small investor in Snapdeal, has made unsuccessful attempts to acquire the New Delhi-based online retailer over past few years but failed to do so. It will now finally get to become a part of the battlefront against Amazon in India.
Having raised $4.1 billion in 13 funding rounds since January 2009, Flipkart is locked in an intense battle with Amazon over share in India’s ecommerce market.
Flipkart has been struggling to raise funds for the past few months, and this funding round has been critical for the company after losing considerable ground to the US-headquartered Amazon in 2015-16.
After the October 2016 sale season, Flipkart in a statement said that its sales momentum was back with it winning back market share in the key smartphone category.