eBay to pick up stake in Snapdeal

The US-based online marketplace giant eBay announced that it plans to shortly invest an undisclosed amount in Snapdeal, with the objective of leveraging the online shopping growth opportunities here. Sources point out that the investment by eBay could be in the range of $ 50 – 60 million, but neither of the two players commented on the investment planned. Ebay is one of the largest online retail hubs globally with more than 100 million customers, and it also serves as a platform for buyers and sellers in a plethora of product categories. Meanwhile, Snapdeal has a
presence in more than 5,000 cities and towns across the country, and given its presence in a range of products, it facilitated the partnership between these two players. Jay Lee, Senior Vice President & Managing Director, eBay Asia Pacific, said, “The growth of online shopping in India is at an exciting phase and we chose to partner with Snapdeal due to their complementary business model, good management team and strong brand.”