eBay, a US based online-market portal increases the stake in Snapdeal, a Indian based Online-market portal by investing $130 million. eBay's acquisition of Snapdeal, shows that the US based online marketplace is trying to expand its presence in India in counter attacking to its rival Amazon.com who is expanding its business in India rapidly.
Snapdeal which is run by Jasper Infotech Pvt ltd, a Delhi based company is the second largest online retailer in India. eBay has already bought the stake of Snapdeal for $50 million last April, and now it increases it to $130 million. It seems that eBay would buy Snapdeal as it is the only way to build its presence in India on a large scale.
Competition in Indian e-commerce space has been increasing rapidly with the entry of the world’s largest online retailer like Amazon.com, which launched its India’s marketplace in June last year. It seems like online retailing is raising its hand among the Indian consumers who choose online market places to buy books and electronic gadgets .
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