- Sep 19, 2005
So is eBay pulling out of India?Flipkart is in talks to seal a funding round of up to $1.5 billion. US-based eBay and China’s Tencent are the frontrunners in the transaction that could make the Indian arm of the American online marketplace a part of Flipkart, according to three people aware of the negotiations.
The discussions, if successful, will enable Flipkart to forge an alliance with deep-pocketed strategic investors — who also compete with its two main rivals, Jeff Bezos’ Amazon and Jack Ma’s Alibaba — as it looks to end a funding drought and secure its position as the leader in one of the world’s fastest growing markets for ecommerce. The company is also exploring further funding from a third investor, sources said. “Talks with eBay are at an advanced stage, and a strategic deal may include Flipkart acquiring or merging their India operations,” said one of the persons cited above. eBay and Flipkart declined comment.