Amazon infuses fresh capital of Rs 1,700 crore into India units
E-commerce giant Amazon has pumped in over Rs 1,700 crore ($239.8 million) into its payments and wholesale business units in India.
Amazon Pay India has received Rs 1,355 crore, while Amazon Wholesale (India) Pvt Ltd has received Rs 360 crore from Amazon Corporate Holdings Pvt Ltd and Amazon.com Inc Limited, according to regulatory documents filed with the corporate affairs ministry.
In October 2019, Amazon Inc had invested around $635 million into its Indian subsidiaries to ramp up operations in one of its fastest-growing markets. The money was invested into its retail, food, and payments units.
India is among the last frontiers for Amazon and is a crucial market for growth. Amazon founder and CEO, Jeff Bezos, has committed to spending more than $5 billion on the Indian market, where Amazon is locked in a battle with Walmart Inc-owned Flipkart.
Interestingly, the fresh investment comes during Bezos' visit to India, where he is participating in an Amazon event in New Delhi, aimed at connecting with small and medium-sized enterprises.
He is also expected to meet the prime minister and other government officials.
Copyright © 2023 FashionNetwork.com All rights reserved.