Amazon invests Rs 650 crore in India unit Amazon Wholesale
U.S. e-commerce giant Amazon has invested Rs 650 crore ($97.7 million) into its ‘Amazon Wholesale’ India unit to bolster its business-to-business operations in the country.
As part of its ongoing plan to expand its infrastructure in India and add solutions to ameliorate consumer and seller experiences on the platform, Amazon has given its Indian wholesale unit a financial boost. The fund injection was carried out by Amazon Corporate Holdings Private Limited and Amazon.com.incs Limited, according to regulatory filings with the Ministry of Corporate Affairs accessed by Tofler, the Press Trust of India reported on November 30.
The date of the investment was October 26, 2021. The filing shows that over Rs 649.94 of the funds came from Amazon Corporate Holdings Private Limited.
Amazon has been investing significantly in its India units and also invested Rs 1,460 crore into its business Amazon Seller Services in October this year. The marketplace is designed to help merchants sell their products online in India and internationally.
Amazon India is currently facing investigation into its business practices with alleged violations of foreign exchange norms. The Enforcement Directorate recently issued summons to Amazon India’s head Amit Agarwal as well as other senior company officials and Future Group officials as part of its probe into a disputed deal between the two businesses, Livemint reported on November 28.
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