eBay invests $134 million in Snapdeal

NEW DELHI, INDIA: The latest buzz in the online marketplace is that eBay invested a whopping amount of $133.8 million in the Indian online portal, Snapdeal.com.

Speculations about Snapdeal raising $100 million fund were reported in January. Last year eBay joined hands with Snapdeal in June with a $50 million investment and with this latest investment, eBay now holds the major chunk of stakes in the company. Both the portals offer a platform for online shopping and with this deal eBay plans to reach majority of people here in India who shop online.

The e-commerce websites are trending in India and Snapdeal competes with the other very powerful player, Flipkart. Apart from there are also other websites like the Jabong, Myntra, etc which continue to grow and bag huge funds.