Bye bye Baazee. Hello eBay.co.in!

June 23rd, 2004 at 05:22pm

Update : 25-Mar-2005 -> Finally, baazee.com is now pointing to www.ebay.in and not ebay.co.in

Update : 28-Jun-2005 -> Seems like even ebay.co.in is pointing to the ebay India site.

I knew this was going to happen, but not soo soon!

First it was baazee buying bidorbuyindia.com and now, ebay buying baazee..! Typical example of bigger fish eating the smaller ones!

I have used both of them (or all three of them, including bidorbuyindia). The transition would be interesting!…would like to see how they would manage the transition.

http://www.forbes.com/home/feeds/ap/2004/06/23/ap1428124.html

Associated Press
EBay to Buy India’s Baazee.com Inc.
06.23.2004, 06:47 AM

Internet marketplace eBay Inc. said Wednesday that it agreed to purchase Indian e-commerce site Baazee.com Inc. for about $50 million, plus acquisition costs and post-signing adjustments.

eBay said it doesn’t expect the acquisition to hurt 2004 revenue and earnings per share, nor does the company plan to alter its first-quarter earnings guidance announced in April.

The company expects to close the acquisition in the third calendar quarter of 2004.

Baazee.com currently has more than one million confirmed registered users who trade in a wide range of categories from consumer electronics and computers, to home decor and jewelry.

Meg Whitman, president and CEO of eBay, said, “Although it’s early days for e-commerce in India, we believe there is great opportunity over the long term. Baazee.com’s strong management team and solid focus on its community make it a natural fit with eBay.”

There are currently 17 million Internet users in India, and that number is expected to grow to more than 30 million in 2006, according to IDC’s Internet Commerce Market Model.

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