|eBay Inc. & Matrix Partners India Announce New Partnership
Kijiji India to be jointly owned by eBay & Matrix Partners
February 5, 2008
eBay Inc. & Matrix Partners India today announced a new partnership in Kijiji India, the online classifieds-style website that allows local communities to meet, help one another and interact over shared interests.
Kijiji India ( www.kijiji.in ) is a simple, easy-to-use and convenient platform that meets the personal needs of the local community in a city. Kijiji can help you to buy or sell a used car, look for an apartment on rent, buy or sell a house, look for a job or hire people, and much more. In India , Kijiji launched in November 2005 & is now present in 12 cities – Mumbai, Delhi , Bangalore , Chennai, Hyderabad , Kolkata, Ahmedabad, Coimbatore , Chandigarh , Kochi , Mysore and Pune.
"To win local classifieds in India , it is necessary to build out a local platform, with a strong partner that can provide deep insight and access to the local market." said Rajan Mehra, Country Manager, eBay India . " We are delighted to work with Matrix Partners India to continue to grow Kijiji India . With their proven track record of investing in early stage businesses and building companies that people across India will trust and rely on, we believe we have the best possible partner in Matrix Partners India ."
"Our investment in Kijiji India demonstrates our continued focus on early stage investing in addition to our growth stage focus." said Avnish Bajaj, Co–founder and Managing Director, Matrix Partners India . "We have been following the early success of Kijiji with small businesses and local communities with great interest and look forward to working with the start up team to scale its offerings and successfully grow the business."
Further terms of the agreement were not disclosed. eBay Inc. does not expect this acquisition to have a material impact on its 2008 financial guidance issued in conjunction with its fourth quarter earnings release on January 23, 2008.
About eBay Inc.
Founded in 1995, eBay Inc. connects hundreds of millions of people around the world every day, empowering them to explore new opportunities and innovate together. eBay Inc. does this by providing the Internet platforms of choice for global commerce, payments and communications. Since its inception, eBay Inc. has expanded to include some of the strongest brands in the world, including eBay, PayPal, Skype, Shopping.com, and others. eBay Inc. is headquartered in San Jose, California.
About Matrix Partners India
Matrix Partners India is a venture and growth capital investment firm with $450 million under management. The firm invests in companies primarily targeting the Indian domestic market with a sector independent investment strategy focused on generating exceptional returns. The firm invests up to $50 million in a company depending on its stage of development and has invested in several companies including asklaila, BMI, itzcash Card, Seventymm and Yo! China . The fund's investors include leading US university endowments and family foundations. Further information is available at www.matrixpartners.in
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