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Amazon Infuses Rs. 2600 Crore Into Its India Business
As the buzz around Flipkart-Walmart mega deal goes, US e-retail giant infuses fresh funds in its India unit to strengthen the war chest to fight against rival company Flipkart.
US e-retailer major Amazon has pumped fresh capital of Rs. 2600 crore into its India business for supporting its war-chest against local e-marketplace Flipkart.
As per the filings with the Corporate Affairs Ministry, Amazon Corporate Holdings and Amazon.Com.Incs have together infused a sum of Rs 2,600 crore in its India unit, Amazon Seller Services. The development comes at time when rival company Flipkart is close to seal a deal with Walmart worth over US$ 12 billion .
In January 2018, the India business unit of Amazon bagged funds to the tune of Rs 1,950 crore from its parent company.
The PTI report cites Amazon India spokesperson as saying, "As India's fastest growing e-commerce player with a long-term commitment to make e-commerce a habit for Indian customers, we continue to invest in the necessary technology and infrastructure to grow the entire ecosystem".
The spokesperson also added, "We are delighted and humbled by the trust from our customers, to lead in India on things that matter to our customers in five years of our business, while continuing to launch innovative India-first initiatives as well as completely new offerings like Echo, Prime, Prime Video and Prime Music."
Jeff Bezos, founder of the company, has committed to invest US$ 5 billion in the Indian market. The fresh fund infusion will strengthen the capital base of Amazon.in which is aggressive in its stance to augment the company's infrastructure as well as incorporate newer solutions for enhancing seller and consumer experience.
In the latest investor call, Amazon CFO Brian Olsavsky said the company will continue its investment in India given the great prospects it foresees with both customers and sellers. This is despite the fact that e-tailing major incurred a loss to the tune of US$ 622 million in Q1 of 2018 from its overseas operations.
At the same time, the US major has also invested in its other India-based businesses including wholesale business and Amazon Pay. The investments are aimed at setting up warehouses, expanding product assortment and bolstering logistics. Also, the company is aggressively investing in promotions and marketing to increase its customer base.
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