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


>

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.

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

According to a PTI report: 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 US$ 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 US$ 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

Retail News Subscribe – One mail per day with summary

Enter your email address:

Delivered by FeedBurner

SUBSCRIBE

Enter your email address:

Delivered by FeedBurner

Safe content check

Affiliate Declaration

www.askwebman.com (askwebman.com) is a participant in the Amazon Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to amazon.in.

In addition to askwebman’s participation in Amazon’s program, askwebman.com also participates in a number of other affiliate programs. That means when someone clicks on an affiliate link and purchases a product,askwebman.com receives a small commission.

This commission does not cost you anything, nor does it affect our judgement when it comes to selecting which products we showcase in our content.

 

Product categories

New Products update – One mail per day

Enter your email address:

Delivered by FeedBurner

Retail News update – One mail per day

Enter your email address:

Delivered by FeedBurner