eBay boosts its Japanese enterprise with an acquisition

Fundings and Exits

eBay is ramping up its presence in Japan through its newest funding in Asia.

The U.S. on-line retail big introduced as we speak that it has acquired the Japan-based enterprise of pan-Asia e-commerce firm Giosis, which is named Qoo10.jp, in an undisclosed deal.

eBay initially arrange Singapore-based Giosis in 2010 alongside Korea’s Gmarket, and as a part of as we speak’s deal it should quit its fairness within the Giosis enterprise outdoors of Japan. Particularly, that refers to Giosis’ community of e-commerce websites that cowl Singapore, Indonesia, Malaysia, Hong Kong, and China. Giosis raised $82.1 million from Singapore Press Holdings and others again in 2015.

Elsewhere in Asia, eBay invested in India’s Amazon rival Flipkart final yr as a part of a $1.four billion funding spherical that noticed Flipkart take over the native eBay India enterprise. That deal represented a pivot as such since eBay had initially positioned its India wager on Snapdeal, which massively scaled again its operations final yr after rejected a possible acquisition by Flipkart.

eBay had an unsuccessful effort in China which resulted in 2006.

Japan has been a relative ray of sunshine in comparison with different elements of Asia. Whereas it doesn’t present native buyer figures, the corporate mentioned it allows “hundreds of Japanese companies” to promote merchandise to the 170 million lively patrons that it claims worldwide. The Qoo10.jp seems like an effort to develop a enterprise that sells to prospects inside Japan. eBay mentioned that Qoo10.jp has round two million. That’s a reasonably important quantity, however it’s a way in need of Rakuten, which dominates the Japanese e-commerce house with practically 90 million registered buyers.

Past on-line retail, Rakuten additionally affords banking and monetary companies to assist elevate engagement with prospects.

Featured Picture: Kimberly White/Getty Pictures for eBay/Getty Pictures

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