Amazon India invests Rs 400 crore in logistics segment
Amazon India has invested Rs 400 crore in its shipping segment named Amazon Transportation Services. The funding injection comes as the e-commerce giant works on increasing its seller base and product selection.
Amazon invested the funds via its Singapore and Mauritius-based businesses, ET Tech reported, citing information from business intelligence platform Tofler. The funds were invested on January 6 and the funding follows on from Amazon’s investment of Rs 375 crore in Amazon Transportation Services in June last year.
The business aims to onboard several million more sellers in India and increase its user base to approximately 500 million in the country. Amazon India currently counts over one million sellers in India.
Amazon India’s Amazon Transportation Services segment is responsible for its logistics. Amazon had planned to open up its logistics arm to service other businesses as well as its own. Although Amazon Transportation Services’ total revenue for the 2022 financial year was up by 12.6% year-on-year at Rs 4,581 crore, the business saw its net loss widen by 38% to total Ra 95 crore in the same time period.
As part of a global restructuring, Amazon India is laying off around 1,000 employees, ET Bureau reported. The business has also ceased operations of its food delivery, wholesale distribution, and ed-tech segments.
Copyright © 2023 FashionNetwork.com All rights reserved.