Amazon Invests Rs 2,700 Crore In India Business to Fight Off Flipkart
Aug. 14, 2018Just a couple of months back, Amazon India received Rs. 2,600 crore in funding from its parent company to strengthen its business against its biggest competitor Flipkart. Now, according to a recentreportfromET, Amazon’s Indian arm has received another Rs 2,700 crore in funding from its parent company, raising the total funding toover $1 billionsince the beginning of this year.
As per regulatory filings, the company has also invested Rs. 100 crore into its food retail business Amazon Retail. With the recent infusion, Amazon’s total investment in its Indian armamounts up to Rs 25,090 crore or just over $3.6 billion, which is more than half of the $5 billion founder Bezos committed to winning the Indian market. The latest investment is also expected to help Amazon India prepare for the upcoming festive season, during which Walmart-owned Flipkart is expected to raise stiff competition with a variety of deals and offers to attract more customers.
The report further highlights that Amazon India received the latest investment on August 6through Singapore-based Amazon Corporate Holdings and Mauritius-based Amazon.com, while Amazon Retail received the funding on July 31 from the same entities. Up until now, Amazon Retail India has received over Rs. 110.5 crore from June, which is just a fraction of the proposed investment of up to $500 million in its food retail business.
