Infotech Lead Asia: eBay has picked up stake in Snapdeal.
eBay did not disclose the financial details.
eBay says the commercial partnership with Snapdeal seeks to drive more consumer demand for eBay and Snapdeal merchants along with wider selection for India consumers in a rapidly growing market.
Internet & Mobile Association of India says the Indian eCommerce Market is projected to grow from approximately $1.2 billion in 2012to $1.8 billion in 2013.
Jay Lee, senior vice president & managing director, eBay Asia Pacific, said, “The growth of online shopping in India is at an exciting phase. We chose to partner with Snapdeal due to their complementary business model, good management team and strong brand.”
Besides e-commerce initiatives, eBay reach millions through specialized marketplaces such as StubHub, the world’s largest ticket marketplace, and eBay classifieds sites, which together have a presence in more than 1,000 cities around the world.
Launched in February 2010, Snapdeal has over 20 million members.
Snapdeal.com delivers products across categories like Apparel and Footwear, Mobiles, Appliances, Home and Kitchen, Sports, Books, amongst others to 4000+ cities and towns in India.
eBay recently said it expects net revenues in the range of $3,800–$3,900 million for the second quarter of 2013, and for the entire year eBay expects net revenues in the range of $16,000-$16,500 million.