With this, Paytm Mall customers can shop for products available on eBay. “This will make eBay inventory accessible to tens of millions of Paytm Mall active customers in India."
American multinational e-commerce company eBay has acquired 5.5% share in Vijay Shekhar Sharma’s Paytm Mall in a bid to acquire a strong foothold in the domestic e-commerce market, Paytm Mall and eBay announced in a joint statement. With this, Paytm Mall customers can shop for products available on eBay. “This will make eBay inventory accessible to tens of millions of Paytm Mall active customers in India,” the statement said. The subsidiary of the largest Indian e-commerce platform plans to place millions of products from eBay inventory on the Paytm Mall within the coming months.
eBay’s two failed attempts in India
eBay got back to the India business earlier in January 2019 after splitting from Flipkart in 2018. The company has been eyeing ways to gain ground in the Indian market since 2004 when it made its debut in the country. eBay has already suffered two deal breaks, one with Snapdeal and the other with Flipkart. With Paytm Mall, eBay will be making its third attempt to gain turf. “In the months since launching eBay.in in early January, eBay has turned its attention to enabling India’s small and medium-sized businesses to sell their products to eBay’s 182 million customers around the world,” the joint statement said.
While the companies have not divulged the details of the deal, according to media reports, eBay has given the One97 communication-owned company a boost of $170 million. Calling India a dynamic market, Jooman Park, eBay Senior Vice President, APAC, said that the agreement will accelerate cross-border trade efforts in a rapidly growing market, adding that the same will also provide hundreds of millions of Paytm and Paytm Mall customers with access to “eBay’s unparalleled selection of goods”. According to Paytm, the deal will help eBay sellers to reach new customers in a rapidly growing market. For Paytm Mall customers, this means access to “a global inventory that would normally be out of reach locally”.