eBay has announced that they will be venturing into the Indian market by acquiring the current eAuction giant in the country
Baazee.com. The US based world's biggest online auction site has agreed to pay 50 mil USD to Baazee. Recently ebay has been expanding their business in various countries purchasing the top web auction sites.
Baazee started in January 2000 by two Mumbai based gentlemen, Avnish Bajaj and Suvir Sujan, has more than 1 mil registered users in India. So what does it mean for an average user in India? Well, a big change, now users from the country can purchase from other ebay affliated sites world-wide, which untill now very limited. Personally I have purchased some stuff off Baazee and I would rate the experience pretty decent. Though I feel ebay has a much better approach to the concept.
This would be the second biggest International acquistion of an Indian founded dot com company, since the famous purchase by
Microsoft of
Hotmail.com (co-founded by Sabeer Bhatia) in December 1997 which was estimated to be around 400 mil USD.
