Amazon invests Rs 1,125 crore into India unit Amazon Seller Services
Amazon has invested Rs 1,125 crore ($169.1 million) in its India unit ‘Amazon Seller Services’ for the second time since June, to increase its competitiveness this festive season.
As India’s e-commerce giants are pumping funds into their businesses ahead of India’s largest sale season of the year, Amazon has invested in its Seller Services unit, the Press Trust of India reported.
The funds were sent from Amazon Corporate Holdings Private Limited, Singapore and Amazon.com Inc Limited, Mauritius, according to regulatory documents sourced by business intelligence platform Tofler.
The transaction was carried out on September 17 and Amazon Seller Services allotted equity shares to Amazon’s Singapore and Mauritius-based entities in return for the funds.
In June this year, Amazon had invested Rs 2,310 crore into Amazon Seller Services. The investments are part of Amazon head Jeff Bezos’ plan to invest $1 billion in the Indian market to encourage small and medium businesses in the country to retail online.
The funding is intended to increase Amazon’s competitiveness with businesses including Walmart-owned Flipkart and Reliance Industries Limited’s JioMart, which plans to expand into more product categories including fashion this festive season.
Copyright © 2021 FashionNetwork.com All rights reserved.