After leading a $134 million funding round into Snapdeal, eBay now is looking forward to selling a “portion” of its investment in the aforementioned Indian eCommerce company.
In a press release, Scott Schenkel, SVP and chief financial officer at eBay said, “As we celebrate our 20th anniversary, we are executing a clear business strategy that focuses on eBay being the best global marketplace and a great enduring Internet business. Executing against our strategy includes regularly reviewing and actively managing our investment portfolio to ensure it fits within the broader strategic direction of eBay.”
In addition to the $135 million round led last year, eBay had previously poured $50 million into Snapdeal, too.
It was speculated that eBay would go on to acquire Snapdeal, but with the recent news, that move seems unlikely now as Schenkel says that eBay will “focus on accelerating eBay’s presence in India.”
While eBay hasn’t revealed any numbers, it does say that as an early investor in Snapdeal a company whose valuation has increased “significantly” over the past couple of years, eBay will earn a “strong return” with this sale, reports Venturebeat.