SAN JOSE, Calif. and BANGALORE, India, April 10, 2017 /PRNewswire/ -- eBay Inc. (NASDAQ: EBAY), a global commerce leader, and Flipkart, a leading
eCommerce company in India, have agreed to jointly pursue eCommerce opportunities in the Indian
market. In exchange for an equity stake in Flipkart, eBay will make a $500 million cash
investment in and sell its eBay.in business to Flipkart. Flipkart will own and operate the eBay.in business upon the close of the
transaction. eBay and Flipkart have also entered into an exclusive agreement in which they will jointly pursue cross-border
trade opportunities to make eBay's global inventory accessible to more India consumers, while
eBay's millions of active buyers globally will have access to more unique Indian inventory provided by Flipkart.
"The combination of eBay's position as a leading global eCommerce company and Flipkart's market stature will allow us to
accelerate and maximize the opportunity for both companies in India," said Devin Wenig, President and CEO of eBay Inc. "eBay is committed to winning in India in partnership with Flipkart. Our exclusive global trade partnership will allow eBay and Flipkart to
reach even more consumers around the world."
"This partnership between Flipkart and eBay is the coming together of two pioneering innovators who have disrupted commerce by
applying technology. It bodes well for Indian and global customers, sellers and the wider eCommerce ecosystem. eBay.in has built
a strong presence in India over the years and we hope to take it to greater heights as part of
the Flipkart group," said Binny Bansal, Group CEO, Flipkart.
Upon the close of the transaction, which is expected later this year, Flipkart will acquire eBay's buyers in India. eBay
will remove the number of active buyers in India from its reporting during the quarter in which
the transaction closes. eBay does not expect this transaction to have a material impact on its guidance provided on
January 25, 2017.
Forward-Looking Statements
This press release contains forward-looking statements relating to, among other things, the future performance of eBay Inc.
and its consolidated subsidiaries. These statements are based on eBay's current expectations, forecasts and assumptions and
involve risks and uncertainties. Actual results could differ materially from those predicted or implied in this press
release for a variety of reasons. You can find more information about risks, uncertainties and other factors that could affect
our operating results in our most recent Annual Report on Form 10-K and subsequent quarterly reports on Form 10-Q,
copies of which may be obtained by visiting eBay's Investor Relations website at https://investors.ebayinc.com or the SEC's website at www.sec.gov. You should not rely on any forward-looking statements.
All information in this press release is as of April 10, 2017, and we do not intend and undertake
no duty to update this information.
About eBay
eBay Inc. (NASDAQ: EBAY) is a global commerce leader including the Marketplace, StubHub and Classifieds platforms.
Collectively, we connect millions of buyers and sellers around the world, empowering people and creating opportunity through
Connected Commerce. Founded in 1995 in San Jose, Calif., eBay is one of the world's largest and
most vibrant marketplaces for discovering great value and unique selection. In 2016, eBay enabled $84
billion of gross merchandise volume. For more information about the company and its global portfolio of online brands,
visit www.ebayinc.com.
About Flipkart Group
The Flipkart Group is India's largest e-commerce marketplace and includes group companies
Flipkart, Myntra, Jabong and PhonePe. Launched in October 2007, Flipkart offers over 80 million
products across 80+ categories and is known for pioneering services such as Cash on Delivery, No Cost EMI and easy returns –
innovations that made online shopping more accessible and affordable for millions of customers. Together with Myntra and Jabong,
which hold dominant positions in the online fashion market, and PhonePe, India's first UPI based
payment app with offerings in nine languages, the Flipkart Group has led the transformation of commerce in India.
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SOURCE eBay Inc.