eBay Inc has invested $150 million (around 1000 crores) in Noida Based Paytm Mall for a 5.5% stake according to sources.
Before investing in Paytm mall eBay invested in e-commerce giants Snapdeal and Flipkart.
While it still has equity in snapdeal, it has decided to sell its $1.1 billion stakes in Flipkart, following the company’s acquisition by US Based Wallmart in 2018.
The deal with paytm mall will help Merchants on eBay to sell their products from across the world to the consumers in India.
Meanwhile, even it is invested in the company, eBay is decided to continue its e-commerce portal in India.
We are deeply committed to India and believe that there is huge growth potential and significant opportunity in this dynamic market, said Jooman Park, eBay Senior vice president, APAC in a statement.
“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 Un Paralled selection of goods” he added