EBay Inc. has closed the sale of its India business eBay India Pvt. Ltd. to online marketplace Flipkart India Pvt. Ltd.

As agreed, eBay also made a US$500 million cash investment in eBay.in in exchange for an equity stake in Flipkart.

Flipkart will now own and operate eBay.in effective immediately.

The companies have also agreed to jointly pursue cross-border trade opportunities that would make eBay's inventory accessible to more consumers in India, while eBay's millions of buyers will be able to access more Indian products provided by the Indian e-commerce giant.