Amazon India gets ?1,125 cr top-up

Amazon

US e-commerce company Amazon has infused ?1,125 crore in fresh capital into an Indian unit, Amazon Seller Services Pvt. Ltd, according to regulatory filings sourced from Tofler.

Amazon Corporate Holdings Pvt. Ltd, Singapore, and Amazon.com Inc., Mauritius, have put in the funding. This top-up comes just two months after a ?2,310 crore fund infusion into the same India unit.

Amazon didn’t respond to queries.

Last week, Amazon’s rival Flipkart received its first tranche of $560.4 million, as part of a $1.2 billion fundraising led by parent Walmart in July.

With the festive season round the corner, both Flipkart and Amazon India have been gearing up for what is expected to be one of the biggest online festive sales by India’s e-commerce sector. The additional funding will act as firepower for e-commerce firms as they fight for market share and face tough competition from Reliance Retail-backed JioMart which has launched operations across 200 cities.

Earlier this month, Reliance Industries Ltd said US private equity firm Silver Lake will invest ?7,500 crore in its subsidiary Reliance Retail Ventures Ltd (RRVL).

In January, Amazon founder Jeff Bezos had announced $1 billion (over ?7,000 crore) investment in India to help bring small and medium businesses online.

On Tuesday, Amazon India also launched a specialized fulfilment centre near Chennai, adding almost one million cubic feet of infrastructure. To speed up deliveries, Amazon India has also set up 200 new delivery stations before the festive sales.

News Source:- Livemint

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