By Manish Singh
EBay said today it is buying a 5.5% stake in e-commerce marketplace Paytm Mall as the global firm makes another push to gain footprint in India’s fast-growing e-commerce market.
The two firms did not disclose financial terms of the deal, but a source familiar with the matter told TechCrunch that EBay has invested between $150 million to $200 million in Paytm Mall at a valuation of $3 billion, up from under $2 billion last year. Paytm Mall had raised about $650 million prior to today’s announcement, the source said.
The agreement will see more than a million products of EBay be made available for purchase to users on Paytm Mall, Vijay Shekhar Sharma, founder and CEO of Paytm said in a statement. “We will jointly select the inventory we want to bring here. It will be done in a month’s time,” he added. EBay will continue to operate its e-commerce site in India, the company said.
Source: Tech Crunch