On its 20th anniversary, American multinational corporation and e-commerce major eBay is revamping its strategic initiatives. As part of the rejig, eBay has sold a portion of its investment in one of India's largest e-commerce players - Snapdeal.
In a statement on its website, eBay said that over the past two years, the valuation of Snapdeal has significantly increased, and because eBay was an early investor, this sale would enable the company to earn a strong return on its invested capital and strategically redeploy it into other areas of business.
But India remains an important market for eBay, and part of its fast-growing APAC region. While the company retains a significant portion of its original investment in Snapdeal, it also had a strong, healthy business with eBay.in, a leading online marketplace and shopping destination in India, which gives Indian consumers access to more than 30 million items, and has become a leading platform for 65,000 entrepreneurs and businesses in India to reach a global customer base.
According to the statement, eBay will focus on accelerating its presence in India, and empowering customers through technology, as with our new #SheMeansBusiness programme that encourages female entrepreneurs with online businesses to share their success stories and help other like-minded businesswomen.
Earlier this week, Snapdeal announced it has raised $500 million in a fresh round of funding from Japan's SoftBank, global e-commerce giant Alibaba Group and Taiwan-based Foxconn Technology even as eBay Inc reduced its stake in the Indian etailer. (SH)
Fibre2Fashion News Desk – India