International e-commerce platform Ebay is preparing to head a US$160–170 million investment in e-tailer Paytm Mall.

In a report last Monday, the move was interpreted by The Economic Times as a grab at O2O commerce and payments opportunities in India. It will be the third major e-commerce investment in the territory for the firm following its minors stakes in Flipkart and Snapdeal.

Paytm Mall raised about US$215 million)from Japan’s SoftBank and existing investor Alibaba mid last year, at a valuation of $1.6–2 billion. It has raised roughly $645 million in funding to date.

The firm has a minority segment of the Indian market, which is largely dominated by its two biggest competitors Amazon and Flipkart.