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Flipkart has announced their biggest ever funding, that they just bought the eBay’s Indian business. The deal is primarily made with the $700 million investment of the Tencent. Other investment includes the $200 million from Microsoft and the eBay Inc itself which contributed $500 million and received stock worth $200 million in Flipkart on its Indian operations.
The Following is mentioned On the e-mail that was sent to all the eBay customers :
“The effect of this sale makes Flipkart the new contracting entity and owner of the data generated from your transactions on the www.ebay.in website. As part of the sale, eBay has agreed to operate the www.ebay.in website on behalf of Flipkart for a transition period of no more than 18 months. During this period, eBay will remain the data controller processing and retaining the data generated from your transactions on the www.ebay.in website and other eBay sites.
To continue your shopping experience during the transition period, including allowing eBay to share data with Flipkart, you must accept the User Agreementand User Privacy Notice for the www.ebay.in website, both which have been revised as a result of the sale to: (i) reflect changes to eBay’s company structure; (ii) describe eBay’s operation of the www.ebay.in website on behalf of Flipkart during the transition period; and (iii) explain the sharing of data between eBay and Flipkart during the transition period.
In addition, you can continue shopping and/or selling on other eBay sites under eBay’s revised eBay User Agreement and eBay User Privacy Notice, which reflect the sale of eBay’s India business. The effective date for these changes will be August 1, 2017. We encourage you to review the revised User Agreementand User Privacy Notice for the www.ebay.in website, as well as the revised eBay User Agreement and eBay User Privacy Notice for other eBay sites.
Thank you for being a part of the eBay community.
The eBay team”
Buy acquiring the eBay Indian portal, Flipkart is expecting to throw the Amazon.in out of the scope from the Indian Market. It is expected that a part of employees will work in Flipkart at the closure of the deal in about 60-90 days. While another set of workers will continue on eBay some more time until the process is completed to move to Flipkart.
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