Indian e-commerce site receives a $134 million investment led by eBay

eBay has made another investment into its India-based counterpart, the online marketplace Snapdeal, this time leading a $134 million funding round into the growing e-commerce site. eBay, the San Jose-based tech company and ecommerce marketplace, has been steadily growing its presence in the BRIC nations as the Web, mobile devices and consumer appetite of online shopping have grown in those emerging markets.

EBay is leading a $133.7 million investment in online shopping website Snapdeal that could result in a buyout of what is viewed as the eBay of India. EBay contributed a large majority of the total investment, according to a person familiar with the deal, while existing investors took part on a smaller scale. Last spring, eBay also led a $50 million investment in Snapdeal, which has now raised more than $200 million to date. The investment could lead to an outright buyout down the line as eBay has done in other global markets, Devin Wenig, president of eBay Marketplaces, told Re/code in an interview this week, although a decision has not been made.

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