February 27, 2021

Amazon India Unit Gets Rs. 2,310 Crores in Fresh Funds From Parent

Amazon has invested Rs. 2,310 crores ($308.02 million) in Amazon Seller Services, an Indian unit, strengthening the business at a time when more people shop online in a bid to avoid crowded public places.

Amazon Singapore made a significant portion of financing, data from business intelligence firm Tofler showed.

The company’s Indian arm in May said it would hire 50,000 temporary workers to meet a surge in online shopping in the country.

The company, which competes with Walmart’s Flipkart in India, has also been expanding its seller network in the country.

Indian laws allow foreign e-commerce companies to operate as “market places,” connecting buyers with sellers online.

As India went into lockdown, Amazon encouraged small shops to join as sellers on its platform in a bid to boost local businesses and expand its reach.

Jeff Bezos-led Amazon in January announced a $1 billion (roughly Rs. 7,495 crores) investment to bring more than 10 million small businesses online in India by 2025.

© Thomson Reuters 2020

Orignal Source

Leave a Reply

Your email address will not be published. Required fields are marked *