Popular online auction and shopping site EBay Inc. is now all set to invest in India. The online shopping giant is now spreading its wings in the Indian market to boost its share of market which are currently dominated by the companies like Flipkart.com and also to take away some competition from its rival Amazon.com.
The company had seven years back tried its hand in the Indian market and was stuck with a cautious approach, while the local upstarts made splashy grabs for business in the growing market. B Muralikrishnan, the country manager for Silicon Valley based eBay told the reporters , “The talks of us having missed the bus are exaggerated” .
Muralikrishnan added, “Most of the new business models are just waiting to implode. We have chosen the cautious route, unlike a lot of Indian businesses who are blindly investing money without having an eye on sustainability or profitability”. The company also hopes to bring its online payments business ‘PayPal’ in India soon.
PayPal will help in drawing more online shoppers in a country where most of the online retail merchandise is sold on a cash on delivery basis. According to the Internet and Mobile Association of India, EBay India started in the year 2005 and clocks six transactions per minute.