Amazon pumps fresh fund of ₹2,310 cr into India unit
July 13, 2020 - India
Amazon has infused fresh capital to the tune of ₹2,310 crore into, Amazon Seller Services, one of its units in India, according to regulatory documents filed with the corporate affairs ministry. Amazon Corporate Holdings and Amazon.com have made the investment in the unit. Amazon Seller Services board of directors passed the resolution at its June 25 meeting.
The fund infusion is likely to push the company’s efforts to grow its seller network in India after COVID-19-induced business disruptions.
Amazon founder Jeff Bezos had announced $1 billion (over ₹7,000 crore) investment in India in January this year to help bring small and medium businesses online. Previously, it had committed $5.5 billion investments in India.
The board of Amazon Seller Services had passed a resolution in January this year to allot shares worth about ₹2,208 crore to Amazon Corporate Holdings and Amazon.com Inc. About ₹355 crore was pumped into Amazon Data Services India as well.
Amazon Seller Services narrowed its loss 9.5 per cent year on year to ₹5,685 crore for fiscal 2018-19. Revenues surged by 55 per cent to ₹7,778 crore in 2018-19, according to a news agency report.