eBay heading for India to invest $21M
eBay, the portal to the online auction world is contemplating investing around $21 M in India over the next two years. The global auction site has acquired another one of its kind from India: Baazee.com. Plans for expansion are afoot with eBay’s management looking for ways to maximize the Indian technology talent pool through increased outsourcing to India.
Avnish Bajaj, country manager for eBay India and co-founder of Baazee.com comments
“There is a possibility that eBay might look at investing around $21 million over the next two years in Indian operations. This is the same amount which we had raised from venture capitalists when we started out and during the course of operations before getting acquired by eBay.”
eBay currently outsources development portions of its projects to Cognizant while IBM Daksh handles their customer support. The integration of eBay and Bazee.com has spurred an onslaught of Indians selling online to international buyers.
eBay has started implementing stricter procedures to avoid and penalize misuse of the auction portal by people hawking illegal goods online. Bajaj assures,
“We are constantly evaluating parameters through which posting of such goods is avoided. However, some people do get across bypassing the technology barriers. In such cases, as soon as we find such goods, we make sure we remove them from our site within 48 hours.”
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