Investing in companies in emerging markets is almost sure to bring with it the occasional growing pains, as shareholders of Latin American e-commerce play Mercadolibre (NASDAQ:MELI) have learned firsthand.

Mercadolibre, which is an e-commerce and payments site fashioned in the image of the much larger eBay (NASDAQ:EBAY), has been hammered during the past six months as currency devaluations in key markets, including Venezuela and Argentina, have threatened to undermine Mercadolibre's broader growth story.

These fears may ultimately prove shortsighted, but they certainly aren't the only risks facing Mercadolibre. In fact, online auction kingpin eBay also appears to have its sites set on Mercadolibres backyard, as well.

eBay takes the fight to Mercadolibre
Recently, eBay announced that it will soon roll out versions of its famed e-commerce site into 19 different sites throughout Central and South America in hopes of grabbing its own share of the region's massive e-commerce potential, pitting eBay directly against Mercadolibre.

However, the budding rivalry between eBay and Mercadolibre might not be as simple as this head-to-head competition might appear on the surface. In the video below, tech and telecom specialist Andrew Tonner looks at eBay's foray into Latin America and what it means for Mercadolibre, as well.

Andrew Tonner owns shares of eBay. The Motley Fool recommends eBay and MercadoLibre. The Motley Fool owns shares of eBay and MercadoLibre. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.