Amazon India's unit gets $308 million in fresh funds from parent

Amazon has invested $308.02 million in Amazon Seller Services, an Indian unit


Reuters July 08, 2020
PHOTO: REUTERS

BENGALURU:

Amazon has invested $308.02 million in Amazon Seller Services, an Indian unit, strengthening the business at a time when more people shop online in a bid to avoid crowded public places.

Amazon Singapore made a significant portion of the financing, data from business intelligence firm Tofler showed.

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The company’s Indian arm in May said it would hire 50,000 temporary workers to meet a surge in online shopping in the country.

The company, which competes with Walmart’s Flipkart in India, has also been expanding its seller network in the country.

Indian laws allow foreign e-commerce companies to operate as “market places,” connecting buyers with sellers online.

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As India went into lockdown, Amazon encouraged small shops to join as sellers on its platform in a bid to boost local businesses and expand its reach.

The US e-commerce giant also has launched Amazon Food, an online food delivery service, in India just as top local competitors Swiggy and Zomato reduce their workforce following the coronavirus outbreak.

Jeff Bezos-led Amazon.com in January announced a $1 billion investment to bring more than 10 million small businesses online in India by 2025.

 


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