eBay buys Baazee for Rs 230 crore

On the other hand, Nasdaq-listed eBay8217;s market capitalisation stands at 57 billion Rs 260,490 crore with revenues at 2.17 billion Rs 9,928 crore in the year 2003, up 78 per cent from 2002.

Auction sites like Baazee create an online marketplace where buyers and sellers can buy and sell goods directly without the middleman. With the entry of eBay into this arena, the Indian buyers and sellers will not only get access to a much wider market, but will be able to transact business globally.

In fact, even eBay seems keen on the growth of the export category. 8216;8216;eBay has expressed keep interest in developing the traditional Indian exports category apart from an all round category growth,8217;8217; Baazee CEO Avnish Bajaj said.

Almost 10 per cent of eBay8217;s revenues come from the global export category. Apart from this acquisition, eBay also plans significant investments into India through Baazee in the coming few years. Although the actual numbers are under wrap, Bajaj revealed that the budgeting process is on. For Baazee, it means global expertise and technology know-how from a 28-year old veteran.