Home / Knowledge / News / Apparel/Garments / Amazon invests ₹2,600 crore in India unit
Amazon invests ₹2,600 crore in India unit
14
May '18
Amazon invests ₹2,600 crore in India unit
American e-retailer Amazon is set to invest ₹2,600 crore in its Indian unit, Amazon Seller Services, to compete with the Indian e-commerce website Flipkart that recently entered into a mega deal worth $16 billion with Walmart. The board of directors of the India unit have already passed the resolution for the investment at a meeting held on April 26.

The investment has been made by Amazon.Com Incs and Amazon Corporate Holdings, according to filings to corporate affairs ministry. Amazon Seller Services had also received ₹1,950 crore from its American parent company in January this year.

Amazon will continue to invest in the infrastructure and the necessary technology to grow its eco-system in order to make e-retail a habit for people in India, said media reports quoting an Amazon India spokesperson.

Jeff Bezos, the founder of Amazon, plans to infuse funds to the tune of $5 billion in the Indian market.

Amazon CFO Brian Olsavsky said that the company sees great progress in India with regards to seller and customers and hence it will keep investing in its India business. The company is continuing to pump money in its India unit, despite registering a $622 million loss in its international business in Q1 2018.

The company is also investing towards strengthening logistics, increasing its assortment of products and building warehouses as well as in marketing and promotions. (KD)

Fibre2Fashion News Desk – India


Must ReadView All

Pic: Shutterstock

Textiles | On 26th Feb 2020

Bangla Tariff Commission fears grave impact on China trade

The impact of the coronavirus outbreak on Bangladesh-China trade is...

Pic: Shutterstock

Textiles | On 26th Feb 2020

UK risks losing up to 14% of exports to EU if no deal: UN

Non-tariff measures could cause major fractures in post-exit UK-EU...

Pic: Shutterstock

Textiles | On 26th Feb 2020

Turkey's textile industry employs 1.67 mn: minister

Turkey's textile and garment industry currently employs around 1.67...

Interviews View All

Top executives, Textile industry

Top executives
Textile industry

Defining MSMEs on the basis of turnover makes it simpler to do business

Top executives, Textile industry

Top executives
Textile industry

It will take some time for the people to change their buying choices

Top executives, Textile industry, India

Top executives
Textile industry, India

The event should be organised every year

Davide Maccabruni,

Davide Maccabruni

Schärer Schweiter Mettler (SSM) manufactures and supplies textile...

Cem Erdogrul,

Cem Erdogrul

Turkey-based Temsan Air Engineering is one of the leading manufacturers of ...

Puneet Jain & Yatin Jain,

Puneet Jain & Yatin Jain

Odhni is an indutva or ethnicwear brand started in 1999 by the Jain...

Sachin Pendharkar, Dieffenbacher India Pvt Ltd

Sachin Pendharkar
Dieffenbacher India Pvt Ltd

Germany-based Dieffenbacher Group is a producer of high-quality composites ...

Justin Chan & Shyam Gollakota, University of Washington

Justin Chan & Shyam Gollakota
University of Washington

A fabric that can store data without any electronics or batteries has been ...

Justin Gutierrez, INDA

Justin Gutierrez
INDA

The Association of the Nonwoven Fabrics Industry (INDA) has created a new...

Madhu Jain, Madhu Jain

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Mike Hoffman, Gildan Activewear SRL

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Priya Somaiya, Usha Social Services

Priya Somaiya
Usha Social Services

The Usha Silai label from Usha International is all set for a retail...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


February 2020

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search