The platform covers a number of Asian markets, including China, Hong Kong, Indonesia, Malaysia, Singapore, and Japan.
Giosis is a joint venture with eBay, which invested in the group in 2010. As part of eBay’s acquisition of its Japanese unit, eBay will give up its stake in Giosis’ businesses in other markets.
According to Bloomberg, the impending transaction will be around USD 700 million. The acquisition is expected to close in the H1 of 2018.
eBay also acquired Korean online auction site Gmarket for more than USD 1 billion in 2009, Flipkart received a USD 500 million investment from eBay in 2017, with eBay selling its eBay.in business to Flipkart.
The Qoo10.jp platform currently only claims around 2 million users, however, while the likes of Rakuten, which operates a range of services, including an online mall, claims 90 million registered users across the board.
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