Leading online marketplace eBay is leading a $134 million round of funding for Indian based counterpart SnapDeal.
With eBay’s expansion in the BRIC nations (Brazil, Russia, India and China) the firm is looking for ways to instill a stronger local presence. India in particular has strict FDI regulations and restricts direct Ecommerce activities from foreign firms. With a thriving adoption of connected and mobile technologies, and a growing middle class, India is becoming one of the most sought after Ecommerce markets.
eBay has partnered with SnapDeal on multiple occasions, and is one of the company’s initial backers with a $50 million investment in 2013. eBay and SnapDeal also use cross promotions. SnapDeal’s promoted listings can be found on eBay.In, while eBay listings are promoted throughout SnapDeal’s marketplace.
“Accelerating growth in India and other emerging markets continues to be a core strategy for driving eBay’s global e-commerce leadership,” eBay Senior Vice President Jay Lee said in a press release.
NEXT BLOCK SOFIA 2.0 + Fabulous Blockchain After-PartyGo to article >>
Since its conception in 2010, SnapDeal has grown to be the biggest Ecommerce marketplace in India. SnapDeal supports 20,000 sellers and over 500 product categories. eBay.In is closely sized, and boasts over 30,000 sellers and 2,000 different product categories.
Recently eBay.In has begun to offer 9 hour shipping in India.