eBay of Latin America: Mercado Libre CEO Marcos Galperin (Part 2)

SM: Did you get the sense that eBay was not focused on Latin America at all yet? What was the Latin America Internet market at the time? What kind of Internet penetration? MG: It was very small. There was 3% penetration roughly. Today it is 20%, so it still can grow a lot. Out of that 3%, e-commerce was probably 10% or less. It was very, very small. One of the things I think we did right relative to the rest – there were 40 companies doing exactly what we were doing – some of them raised more

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