30.09.2020, 15:18

Amazon invests another $152M in its Indian unit

“US-based ecommerce giant Amazon has infused fresh capital to the tune of 1125 crore (US$152 million) into one of its India units, Amazon Seller Services, according to regulatory documents,”
Mint
reported.

Documents sourced by business intelligence platform Tofler showed that Amazon Corporate Holdings Pvt. Ltd., Singapore, and Amazon.com Inc., Mauritius, have invested in Amazon Seller Services. This comes after the Indian unit received around US$313 million from Amazon in July.


The additional funding will help the ecommerce firm compete with its rivals as one of the biggest online sales of the upcoming festive season in India draws near, the report said.


One of Amazon’s rivals is Flipkart, which raised US$560.4 million last week as part of a US$1.2 billion fundraising led by its parent company Walmart in July.


The other local player is JioMart, the online selling channel of Reliance Retail. Reliance Retail, the retail unit of Indian conglomerate Reliance Industries, earlier announced that it will be receiving
US$755 million
from KKR and
US$1 billion
from Silver Lake.


Earlier this month, Amazon was also reportedly seeking to buy a 40% stake in Reliance Retail in a
US$20 billion
deal.


Currency converted from Indian rupee to US dollar: US$1 = 7371 rupee.