Ebay is set to make a further push into India’s ecommerce market after announcing its intention to purchase a 5.5 per cent stake in Paytm Mall.
According to TechCrunch, Ebay has invested between $150 million and $200 million in the Indian ecommerce marketplace which is now valued at $3 billion, though specific details of the deal have not yet been revealed.
After the deal is complete, over 1 million Ebay products will be listed and available to purchase on Paytm Mall, which reported sales of $188 million in 2018.
Though Ebay will continue to operate its own site in the country, the pair will “jointly select the inventory we want to bring here”, adding that it this will take place as early as next month.
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This comes as Ebay seeks to establish a firm foundation in India’s emerging ecommerce market, which is expected to grow to be worth $72 billion in three years, and marks its third investment in the region.
After investing in Snapdeal in 2013, Ebay bought a stake in Flipkart before selling its stake when Walmart purchased it for $16 billion earlier this year.
Ebay’s regional senior vice president Jooman Park added: “We are deeply committed to India and believe there is huge growth potential and significant opportunity in this dynamic market.
“This new relationship will accelerate our cross-border trade efforts in a rapidly growing market, providing hundreds of millions of Paytm and Paytm Mall customers with access to Ebay’s unparalleled selection of goods.”