The e-commerce company dipped a toe into the market in India seven years ago and left with a cautious approach as local upstarts make flashy game for business in a small but growing market.
“The talks of us having missed the bus are exaggerated,” Muralikrishnan B, country manager of eBay headquarters in Silicon Valley, told Reuters in an interview in Mumbai.
“Most of the new business models are waiting to implode. We chose the cautious, unlike many Indian companies are blindly investing money without having an eye on sustainability or profitability route” he said.
The company expects to bring online payments business PayPal in India soon, which will help attract more online shoppers in a country where more retail merchandise sold online cash on delivery. eBay India, which started in 2005, clocks six transactions per minute, according to the Internet and Mobile Association of India.
Muralikrishnan, 36, joined eBay shortly after its entry into India.
“We have waited the appropriate time, we did not want to get caught in the mess. We were sure a lot of this new money will dry up and has already begun to happen.”
However, PayPal update on their site:
eBay and PayPal will be separate companies soon, which means we won’t be part of the same group of companies anymore. You can be confident this doesn’t change our commitment to our customers. We’re more excited than ever to bring you a seamless and enjoyable experience. You can keep using PayPal on eBay just like you do today; that won’t change. Your eligible purchases are still protected through our buyer protection programs.