New Delhi, May 14: E-commerce giant Amazon has pumped Rs 1.6 billion into its Indian arm Amazon Seller Services, the company's regulatory filings have revealed. The investment comes as India's e-commerce growth is expected to reach $200 billion to $230 billion by 2030, with a steady increase of 20 to 22 percent.
According to Amazon's filing in the US, “The Board of Directors hereby grants the allotment of 16,660,000,000 shares (Rs. 166 million) at Rs. 10 per share, for an aggregate amount of Rs. 6.6 billion) to existing shareholders on a justifiable basis. ” Zomato shares fell 5% to 6% in morning trading as the company expects costs to rise due to its employee stock ownership plan.
This is the second time the e-commerce giant has injected cash into Amazon Seller Services this year. The US-based parent company injected Rs 830 million into the Indian entity in February. Recently, Walmart invested $600 million in its rival Flipkart. Uber buys Taiwan's Delivery Hero's Foodpanda business for $950 million in cash as the company focuses on other markets.
As India's economy continues to grow, the country's e-commerce wars are intensifying, with a new user base expected to increase from the current user base of 240 million to approximately 210 million shoppers by 2030. There is. Most of these new users are expected to be from Tier 2 and above cities, according to market research firm Redseer.
(The above article was first published on latestly on May 14, 2024, 4:09 PM IST. For more news and updates on politics, world, sports, entertainment, and lifestyle, stay tuned to our Please log on to the website lately.com).
