Amazon India infuses Rs 11,400 crore in India in FY20
US e-commerce giant Amazon has made a capital infusion of over Rs 11,400 crore ($1.5 billion) during the financial year 2019-20 across its marketplace, payments, and wholesale business units in India.
The investment is expected to give Amazon the financial ammunition required to take on e-commerce biggies like Walmart-owned Flipkart, Reliance, and Paytm.
The investments have been made by the Seattle-based giant despite Amazon’s business units in India making losses during the fiscal.
Amazon entities in the country incurred showed a combined loss of up to Rs 7,899 crore in FY20, as against a loss of Rs 7,014 crore in the preceding fiscal.
“We continue to be invested in India with a long-term view enabling customers in India to enjoy the ease and convenience of e-commerce and other digital products and services,” an Amazon India spokesperson was quoted as saying by PTI on the investments.
The e-commerce giant has been heavily investing millions of dollars and plans to continue with the cash splurge to woo customers online as it considers India an important growth market for the future.
In January this year, Amazon founder Jeff Bezos had made a commitment to invest $1 billion in India to help bring small and medium businesses online.
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