eBay has agreed to buy a 5.5% stake in e-commerce marketplace Paytm Mall in a renewed attempt by the San Jose, California-based company to grab a foothold in India’s fast-growing and intensely competitive online retail market.
The companies did not disclose the value of the transaction in a joint statement on Wednesday. eBay and Paytm Mall also did not say whether the agreement contains any provision for eBay to enhance its shareholding in Paytm Mall in the future.
