Ebay has sold a stake in booming Indian e-commerce platform Snapdeal claiming to make a “strong return” on its investment.
After leading a $134m Snapdeal funding round two years ago, eBay has sold a partial stake in the company looking to pump the revenue from the sale into other areas of the business.
Scott Schenkel, senior vice president and chief financial officer at eBay said: “India is an important market for eBay, and part of our fast-growing APAC region.
“While we will retain a significant portion of our original investment in Snapdeal, we also have a strong, healthy business with eBay.”
The firm stated that in India, eBay sells over 30m items and boasts 65,000 sellers.