San Jose, CA-based eBay is poised to make a strategic investment of $170 million in Paytm Mall the Indian online retail platform space. Last year, the company sold its 6.55% stake it held in Flipkart for $1.1 billion when the startup was taken over by Walmart, and has been looking to invest in e-commerce ever since, as it believes India is a significant and growing market.
Paytm Mall has targeted $2 billion in gross merchandise sales in 2019. The Board of Paytm has accorded its approval to induct a strategic investor who will bring much more than just funding to the table. eBay’s experience will help Paytm Mall take on Amazon and Flipkart. Reliance is also entering this sector making it one more potential competitor. eBay will continue to run its independent online portal in India.
