wordpress blog stats
Connect with us

Hi, what are you looking for?

Amazon announces a further $3B investment in India biz; pressure on Flipkart & Snapdeal

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) will be invested in its India unit, reports Reuters. He also mentioned that Amazon would set up a Web Services Cloud Region in India this year, and a software engineering and development center in Hyderabad. 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. With this Amazon's total investment commitment in India goes up to $5 billion; the $3 billion announced now, plus the $2 billion investment announced back in July 2014, which the company has already completed in phases over the past two years. Pressure on Flipkart and Snapdeal Amazon’s additional investment plans will put pressure on Flipkart and Snapdeal to raise more funds: In July last year, Flipkart had raised $700 million at a valuation of $15.2 billion, and had previously raised $700 million in December 2014. The ecommerce major had raised $1.91 billion in 2014 alone. Prior to Flipkart’s $1 billion round of funding in July 2014, it had raised $751 million in total. So far, Flipkart has raised $3.12 billion in 12 rounds of funding from 16 investors, including Tiger Global, DST Global, Accel Partners, Singapore GIC and T Rowe Price. Note that in March this year, it was reported that HDFC Bank had extended a line of credit of over Rs 450 crore to Flipkart. According to the ROC filings, Flipkart signed the…

Please subscribe/login to read the full story.
Written By

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

Studying the 'community' supporting the late Sushant Singh Rajput (SSR) shows how Twitter was gamed through organized engagement

News

Do we have an enabling system for the National Data Governance Framework Policy (NDGFP) aiming to create a repository of non-personal data?

News

A viewpoint on why the regulation of cryptocurrencies and crypto exchnages under 2019's E-Commerce Rules puts it in a 'grey area'

News

India's IT Rules mandate a GAC to address user 'grievances' , but is re-instatement of content removed by a platform a power it should...

News

There is a need for reconceptualizing personal, non-personal data and the concept of privacy itself for regulators to effectively protect data

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ