Best Products at Best Prices

0$0.00

No products in the cart.

Amazon Seller Services gets fresh fund infusion of Rs 2,310 cr from parent, Retail News, ET Retail

>

Amazon Seller Services gets fresh fund infusion of Rs 2,310 cr from parentNew Delhi : US-based e-commerce giant Amazon has infused fresh capital to the tune of Rs 2,310 crore into one of its India units, Amazon Seller Services, according to regulatory documents. Amazon Corporate Holdings and Amazon.com.inc have made the Rs 2,310 crore investment in the unit, documents filed with the corporate affairs ministry showed.

The board of directors of Amazon Seller Services passed the resolution at their meeting on June 25, 2020.

E-mails sent to Amazon India seeking comments on the fund infusion did not elicit a response.

According to financial data accessed by business intelligence platform Tofler, a significant share of the funds (Rs 2,309.8 crore) came from Amazon Singapore.

The fresh funds will provide more arsenal to Amazon in India as the company has been aggressively investing in expanding infrastructure and adding solutions to enhance consumer and seller experience.

In January this year, Amazon founder Jeff Bezos had announced USD 1 billion (over Rs 7,000 crore) investment in India to help bring small and medium businesses online.

Previously, the online retail giant had committed USD 5.5 billion investments in India, Amazon’s most important market outside of the US and a key growth driver.

The board of Amazon Seller Services had passed a resolution in January this year to allot shares worth about Rs 2,208 crore to Amazon Corporate Holdings and Amazon.com Inc.

About Rs 355 crore was pumped into Amazon Data Services India as well.

Amazon, which competes against Walmart-backed Flipkart and others in India, has also been pumping in funds into its other entities in the country, including Amazon Pay and its wholesale business.





Source link