EBay Inc. invested $160 million or 11.01 billion Indian rupees for a 5.59% stake in Paytm Mall, The Economic Times (India) reported Aug. 1, citing a regulatory filing.
The money came from the California e-retailer's Singapore arm, a source told the ET.
In July, eBay announced its acquisition of a 5.5% stake in the Paytm E-Commerce Pvt. Ltd.-owned unit but did not disclose terms of the deal. The U.S. e-commerce retailer will also get a board observer seat in Paytm Mall, according to data from S&P Global Market Intelligence.
Alibaba Group Holding Ltd.'s Singapore-based operation owns about 30.2% of Paytm, while SoftBank Vision Fund LP will hold just more than 21% of the company following eBay's investment, according to the ET. The Indian online retail platform has raised total funding of about $805 million across three rounds, the newspaper added.
As of Aug. 1, US$1 was equivalent to 68.94 Indian rupees.