Amazon has made a fresh investment of Rs 2010 crore into its India unit taking the overall investment in India to Rs 7,000 crore in this financial year, reports Economic Times. The new investment was made in November as per regulatory filings, added the report. However it is not clear where the new investment will be utilized in. Amazon India refused to comment when MediaNama requested more details.
Note that this is Amazon’s fifth such investment into India operations in this year alone. In September, the company flushed Rs 115 crore into its wholesale business in India. In June this year, less than a week after investing Rs 1,350 crore in its India operations, Amazon CEO Jeff Bezos announced that a further $3 billion (about Rs 20,000 crore) would be invested in its India unit. Note that the company had also pumped in funds worth Rs 1,980 crore (or $290 million) into its India unit in February this year.
The investment into India operations comes at a time when the company has been focusing on new launches and features in India. In this month Amazon launched subscription-based video streaming service Prime video in India with a 30-day free trial. In the same month, Amazon was piloting Beauty Services which allows users to order and schedule in home beauty services in select pin codes across Bangalore. Last month it acquired the publishing arm of Tata-owned Westland Ltd for an undisclosed amount and also launched Kindle in 5 different Indic languages.
In December Amazon rebranded its Gift Cards service as Amazon Pay which can be topped up with recharges of Rs 1,000, 2,000, 5,000, 9,000 or a custom amount. Amazon Pay can be loaded by credit and debit cards and net banking and can be used as an alternate payment method. In October Amazon opened up its global store in India which lists products from international seers across categories like apparel, fashion, electronics, home, kitchen and office supplies, books, software and sports and fitness.
Amazon’s overall net profit stood at $252 million for the quarter ended September 2016 (Q3 FY17), down 70.59% from the preceding quarter. Net sales, however, stood at $32.7 billion, up 29% from $25.4 billion in the same quarter last year. On a sequential basis, net sales were up 7.57% from $30.4 billion.