eBay to Acquire India’s Baazee.com

[MediaHound]

***eBay to Acquire India’s Baazee.com***
Date: 06/22/04 Time: 09:30:09 PM PDT


We are pleased to announce that we have agreed to acquire Baazee.com, Inc. and its subsidiary Baazee.com India Pvt. Ltd., the largest online marketplace in India. This acquisition is expected to close in the next quarter.
This agreement will allow eBay to expand its global footprint into the nascent but growing Indian market, and to bring new opportunities to a broader base of users. In turn, Baazee.com will leverage its relationship with eBay to further develop its marketplace and strengthen its position in India’s e-commerce market. The combination of Baazee.com and eBay will allow buyers and sellers to gain access to a broader range of choice and convenience.

For more details, please see the press release at http://investor.ebay.com/releases.cfm?Year=2004

Regards,
eBay

 

[freestyler]

yup saw that in the morning. Bought it for around $50 mil.

 

[bigmedia]

Thanks MediaHound... hadnt seen that!

 

[scorpio]

The acquisition marks eBay's entry strategy into the Indian Market. It allows the company to get into Indian Online auction market. It will eliminate all the costs in developing either a local portal or the market as a whole.

 

[MediaHound]

Welcome to the forums, guys!

scorpio - what do you think they'll do as far as a payment processor?

Think PayPal will move into India?

 

[scorpio]

No.It wont be able to for now..Paypal is not a legal way to transfer money in India. As whatever foreign Currency comes in to India comes under FEMA(FOREIGN EXCHANGE Management Act) it is silent about it. Also The Indian Cyber Laws dont recognize such kind of Bank. And as India Is a developing country people r still not comfortable using there credit cards online.. So its still time before they can Get PAYPAL to India.

 

[MediaHound]

Thank you for that info.
I don't blame the people for not whipping out their credit cards so fast. Anything that involves money, you gotta be careful about, right?
I look forward to seeing what evolves with ebay's new portal.
They did wonders for the states, hopefully they'll do something similar for you guys.