New Delhi: eBay Inc has invested about 150 million (nearly Rs 1,000 crore) in domestic e-tailer Paytm Mall for a 5.5% 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."