ebay shuts down in India, Flipkart to kickstart a new platform to sell refurbished goods

Flipkart is shutting down eBay India. Starting Tuesday, eBay India will stop taking new orders and is now directing users to Flipkart to buy and sell. “eBay India will cease to exist. We will be launching a new value platform starting with refurbished goods very soon,” said Flipkart in a statement. Flipkart had acquired eBay’s India unit last year as it raised $1.4 billion from global technology majors such as Tencent and Microsoft. Along with selling its India arm, eBay had also invested $500 million for an equity stake in the Indian e-commerce giant.