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Amazon invests ₹2800 cr in India after closing China ops

16
Jun '19
Pic: Amazon
Pic: Amazon
Amazon has made a fresh investment of ₹2,800 crore in its Indian arm, Amazon Seller Services, the first instalment of capital infusion in 2019 and also the first one since the company’s April announcement about shutting down its Chinese marketplace by mid-July. This reportedly takes the total funding received from the US-based parent to around ₹30,090 crore.

The last capital infusion of ₹2,200 crore in the Indian arm was made late last year.

The funds will be used to fight Flipkart, acquired by Walmart last year, according to Indian media reports. Amazon owner Jeff Bezos had committed $5 billion (over ₹35,000 crore) to the Indian market in 2016.

Amazon India announced late last month that its pantry service now boasts a footprint in over 110 Indian cities from just 40 cities in November 2018. Amazon has committed $500 million to its food retail venture amid growing competition in the e-grocery space. (DS)

Fibre2Fashion News Desk – India


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