Ebay picks up 5.5 percent stake in e-commerce firm Paytm Mall
today Jul 19, 2019
US-based online marketplace Ebay has picked a strategic 5.5 percent stake in Indian e-commerce firm Paytm Mall for an undisclosed amount, as it looks to make a comeback into the country’s e-commerce market.
The latest investment will help Paytm Mall scale up its presence in the Indian market, to take on e-commerce big names like Amazon and Flipkart.
Paytm Mall is currently the third-largest player in India’s e-commerce market after Walmart-owned Flipkart and Amazon India.
The new strategic collaboration with help Indian consumers have greater access to Ebay’s vast selection of inventory from international brands.
“We are deeply committed to India and believe there is huge growth potential and significant opportunity in this dynamic market,” Jooman Park, Ebay senior vice president, APAC said 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 unparalleled selection of goods,” he added.
Ebay was one of the early entrants in the Indian online market through the acquisition of Bazee.com in 2013. Since then, the company has invested in e-commerce firms like Flipkart and Snapdeal only to make quick exits.
Ebay is hoping to be third time lucky and make deeper inroads with Paytm Mall in the booming e-commerce market in India.
Paytm Mall is operated by Paytm E-Commerce Pvt. Ltd, the e-commerce arm of One 97 Communications Ltd, which runs Paytm and Paytm Payments Bank.
Copyright © 2019 FashionNetwork.com All rights reserved.