New Delhi, [India], July 18 (ANI): eBay Inc has invested about 150 million (nearly Rs 1,000 crore) in domestic e-tailer Paytm Mall for a 5.5 per cent stake.
As per the deal, eBay will make its inventory accessible to the customer of Paytm Mall in India. Before investing in Paytm Mall, eBay invested in rival Snapdeal and Flipkart. The US-based c-commerce company exited from Flipkart in 2018.
"We are deeply committed to India and believe there is huge growth potential and significant opportunity in this dynamic market," said Jooman Park, eBay's Senior Vice President for Asia Pacific region.
"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."Indian consumers have expanded their horizon and now like shopping for unique products from international platforms, said Rudra Dalmia, Executive Director of Paytm Mall.
"This new strategic collaboration will ensure Indian consumers are given greater access to eBay's vast selection of inventory. We are excited about this relationship with eBay as our cross-border partner and investor and believe together, we will provide buyers and sellers an unparalleled opportunity to discover, engage and transact on our platform."Paytm Mall is part of India's largest digital ecosystem Paytm, which has over 450 million registered customers, over 130 million active users and over 12 million registered merchants.(ANI)