India largest online marketplace Baazee.com was sold to eBay, worlds largest online auctioneer. Baazee.com and its subsidiary companies were sold at $50 million.

This step by eBay will provide them to enter the virgin market of E-commerce in India which is very low now but can have a bright future for the coming years added Meg Whitman, President and CEO of eBay, in the media release.

In turn Baazee.com will use this combination for a broader range of products for Indian consumers.