For the next three years, eBay will invest $50 million in Snapdeal.com, one of its main competitors in India, The Wall Street Journal reports.
The move was part of a funding round that saw the participation of Intel Capital and Nexus Venture Partners, among others. EBay will gain an equity stake in Snapdeal and access to its 20 million-strong user base.
By comparison, eBay India has signed up 5 million registered users to date.
“We chose to partner with Snapdeal due to their complementary business model, good management team and strong brand,” Jay Lee, eBay’s Asia Pacific senior vice president, said.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
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