While we were away…
Amazon and Ashok Patni ‘s joint venture (JV) Appario Retail has received an infusion of Rs 100 crore, reports The Economic Times. The publication said that it found out about the development via the company’s ministry of corporate affairs’ filings. The same ET report also points out that the latest infusion comes after an infusion of Rs 40 crore earlier in August. Appario Retail is a seller on Amazon India and currently lists consumer electronic items.
The JV was set up this year in September and is registered under Frontizo Business Services Pvt Ltd. Ashok Patni’s investment fund Zodiac Wealth Advisors holds 51% stake in Frontizo, while Amazon holds 48% stake through Amazon Asia Pacific Corporate Holdings, and Zaffre Investments LLC holds the remaining 1% stake. The JV is similar to Cloudtail India Pvt Ltd, a 51:49 joint venture company between Narayan Murthy’s Catamaran Ventures and Amazon Asia. Cloudtail India is a seller on the Amazon India portal.
Amazon has been strengthening its e-commerce arm in India. In November, it infused Rs 2900 crore in its Indian e-commerce arm Amazon Seller Service. It has a total investment commitment in India of $5 billion (approx Rs 32600 crore)- $3 billion the company committed in June last year, plus $2 billion investment announced back in July 2014, which the company has already completed in phases over the past two years.