After SoftBank, eBay also writes off Snapdeal investment; takes $61-mn hit

When merger with Flipkart didn't fructify, SoftBank wrote off $1 bn in losses on account of erosion of value of the shares

US online retail giant eBay has written off its investment in ailing Indian e-commerce marketplace Snapdeal amounting to a loss of $61 million, which it recorded on its books for the year 2017.

eBay has followed in the footsteps of Japanese investor Softbank which wrote off $1 billion in losses on account of erosion of value of the shares it held in Snapdeal, soon after it failed to engineer a merger of the company with Flipkart.

“In 2017, we recorded a $61 million impairment charge to write-down our cost method investment in Jasper Infotech Private Limited (Snapdeal).  The investment was