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eBay confirms to pick a 5.5% stake in Paytm Mall

To mark entry in India’s growing e-commerce market, American ecommerce giant, eBay has agreed to buy a 5.5% stake in Noida based Paytm Mall owned by Vijay Shekhar Sharma’s One97 Communications. The amount of deal is not disclosed yet, but eBay is reportedly investing $165 million (Rs1,136 crore) in Paytm Mall, raising its value to about $3 billion from $1.5-2 billion last year. eBay inventory will be also sold on Paytm Mall.