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EBay likely to pick stake in SnapDeal

Global auction and shopping portal, eBay is likely to pick
up a significant stake in online retailer SnapDeal.com. The details of the deal are still being worked
out. As per the sources, it will likely be carried out through eBay’s Indian
arm and in a manner that it does not violate the current norms prohibiting
foreign investment in online retailers.

Global auction and shopping portal, eBay is likely to pick
up a significant stake in online retailer SnapDeal.com. The details of the deal are still being worked
out. As per the sources, it will likely be carried out through eBay’s Indian
arm and in a manner that it does not violate the current norms prohibiting
foreign investment in online retailers.

“Ebay is looking to make a strategic investment in Snapdeal,
a move that is expected to help both sides,” revealed a source.

Founded in 2010 by CEO Kunal Bahl and Rohit Bansal, Snapdeal
has 18 million registered users and transacts 25,000 units a day. It was valued
at about Rs. 1,000 crore during a 2011 deal. The portal is targeting to earn
Rs. 600 crore in revenues this year — a 20% jump over last year.

Bahl remained unavailable for comments and a company
spokesperson refused to confirm the development.

“We don’t comment on
rumours or speculation,” Deepa Thomas, eBay India spokesperson, said.

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