eBay Inc, the world’s largest auction and shopping portal, is to pick up a significant stake in online retailer snapdeal.com. Snapdeal, with 1.8 crore registered users and 25,000 transactions a day, was valued at about Rs. 1,000 crore during a 2011 deal. It aims to have Rs. 600 crore in revenues this year — a 20% jump over last year’s figure. Details of the transaction are being worked out, but it will likely be carried out through eBay’s Indian arm and structured in a manner to not violate the current norms prohibiting FDI in online retail.
CEO Kunal Bahl, a 29-year-old Wharton graduate, set up snapdeal.com in February 2010, along with school buddy Rohit Bansal, an IIT Delhi alumnus.