EBay Leads A $133.7 Million Investment In An Indian Shopping Site
eBay recently announced its decision to lead a new round of funding worth $133.7 Million in Indian shopping site, Snapdeal. The multinational online corporation will raise its stake following the first investment they made last year.
Snapdeal is a marketplace for apparel and electronics. It was founded in 2010 with a similar industry like Groupon. It later turned into an online e-commerce place where thousands of businesses list different products for sales.
According to Jay Lee, eBay’s senior vice president and APAC managing director, the accelerating growth in India and other emerging markets continues to be a core strategy for driving eBay’s global e-commerce leadership. The company is looking forward the prospect in Snapdeal and eBay.
Latif Nathani, the managing director of eBay India said that the eBay’s partnership with Snapdeal will benefit businesses of all sizes, consumers, and local commerce.
This new investment from eBay is one of the largest capital raises by an Indian digital commerce venture.