wordpress blog stats
Connect with us

Hi, what are you looking for?

Amazon puts in ₹1,125 crore into India business: Report

Amazon India
Amazon India

Amazon has infused ₹1,125 crore (~US$152.6 million) into its India business, PTI reported based on regulatory filings. The investments were reportedly routed through Amazon Corporate Holdings Private Limited in Singapore and Amazon.com Inc Limited in Mauritius. This amount comes in addition to ₹2,310 crore (US$313.4 million) that the company put into its India arm, Amazon Seller Services Pvt Ltd, this June.

The investments come as Amazon and its Walmart-owned rival Flipkart hope to earn big in the upcoming festival season. Though e-commerce demand grew globally during the pandemic, restrictions on e-commerce dampened Amazon’s sales in India for months, as the company was restricted to only delivering essentials, or not allowed to operate at all.

Flipkart, Amazon, and other big e-commerce companies will hire around 300,000 workers, most of them temporary, to manage demand during the festival season, market research firm RedSeer estimated. In May, Amazon said it enrolled around 50,000 such contractual workers in India. The company said in January that it would invest US$1 billion in small and medium businesses in India by 2025.

Amazon has been increasingly interested in the grocery delivery business — last week, the company participated in a ₹275 crore investment round into supermarket chain More’s parent company. It’s not just Amazon — in July, Amazon’s primary competitor in India, Flipkart, acquired its parent Walmart’s wholesale India businesses, and launched Flipkart Wholesale, an e-commerce platform for small traders and kirana shops. Reliance Retail, which runs JioMart, has been netting hundreds of millions of dollars in investment as well.

Also read

You May Also Like

News

The Securities and Exchange Board of India has given its go-ahead for Reliance Retail’s acquisition of Future Retail Limited’s retail, logistics and warehousing entities,...

News

The makers of web series Tandav, which premiered on Amazon Prime Video on January 15, offered an unconditional apology after their show ran into...

News

It all seems familiar now: a web series comes out on one of the only two streaming services whose lawyers wouldn’t stop it, right-wing...

News

In a lawsuit filed on Wednesday, social media platform Parler has claimed that Amazon Web Services (AWS) has used its position to stifle competition...

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 Daily Newsletter

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