Amazon pumps $600 mn in India |
Global e-commerce giant Amazon Inc. has infused approximately $631 million into its Indian subsidiaries. The e-commerce giant has invested 480 million dollars in Amazon Seller Services, its online marketplace arm, 127 million dollars in its payments platform Amazon Pay (India), and 24 million dollars in Amazon Retail India. The development comes even as its rival Flipkart applied for government licences to set up a new local entity, Flipkart Farmermart, which will focus on food retailing in India. Flipkart is expected to pump in 282.6 million dollars initially in the business, with further investments as it expands the supply chain, storage and logistics for the new business. In August, Amazon was picking up a 49% stake in Future Coupons, which holds about 7.3% stake in Future Retail through convertible warrants, the company which owns the BigBazaar retail chain. Future Retail has a network of more than 1,500 stores across various formats, including 293 BigBazaar stores. Earlier, Amazon had also picked up a minority stake in supermarket chain More. According to a report, e-commerce firms, including Flipkart and Amazon, had clocked $3 billion in the six-day sales event in early October. Flipkart and Amazon clocked $2.3 billion in 2018, up 77% from the 2017 event.
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