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.
Paytm Mall, the e-commerce venture backed by China's Alibaba Group, is on a hiring spree and after employing over 200 people across various functions is planning to hire another 300 in the coming months.
Paytm is looking to strengthen its market position in the country by acquiring new customers for growth and has earmarked an investment of Rs 250 crore to launch its own subscription program ‘Paytm First’.
Myntra seller Vector E-Commerce saw its revenue plummet drastically by over 90 percent to Rs 81 crore (approx $11.6 million) for the financial year 2018 as compared to Rs 1,216 crore it had posted a year earlier.
Walmart Inc said on Friday it has acquired online lingerie retailer Bare Necessities for an undisclosed amount, its second apparel-focused acquisition in less than two weeks as it seeks more inroads into online fashion.