EBay sells part of stake in Snapdeal but says re­mains com­mit­ted to In­dia

The China Post - - WORLD BUSINESS -

EBay said Tues­day it was selling part of its stake in In­dia’s ecom­merce startup Snapdeal, but said the Asian na­tion re­mains an “im­por­tant mar­ket” for the U.S. online gi­ant.

An eBay state­ment of­fered no specifics on the di­vest­ment, de­scrib­ing the sale as “another step to ef­fec­tively man­age our global in­ter­ests and in­vest in other strate­gic ini­tia­tives.”

“Over the past two years, the val­u­a­tion of Snapdeal has sig­nif­i­cantly in­creased, and be­cause eBay was an early in­vestor, this sale will en­able us to earn a strong re­turn on our in­vested cap­i­tal and strate­gi­cally re­de­ploy it into other ar­eas of our busi­ness,” eBay chief fi­nan­cial of­fi­cer Scott Schenkel said in the state­ment.

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