BENGALURU: Amazon is injecting Rs 1.66 billion into its Indian unit, marking the second time the company has invested money in recent months. Earlier in February, Amazon Seller Services announced that its US parent company had injected Rs 830 million into the company. The investment comes at a time when Walmart invested about $600 million in Flipkart.
SoftBank-backed Meesho also disclosed new funding in a regulatory filing. According to reports, the company has raised $275 million. Competition among major players is intensifying in India's e-commerce sector. “The board of directors is authorized to allot 166 million rupees of equity to the existing shareholders on the correct basis,” Amazon said in a filing.
According to reports, India's industry is expected to reach $300 billion by 2030. Last year, Amazon CEO Andy Jassy said the company would invest an additional $15 billion in India. “We have invested $11 billion so far and we plan to invest another $15 billion, bringing the total to $26 billion,” he said. Last month, Amazon India launched a bazaar offering unbranded products priced under Rs 600. This is to compete with other players such as Meesho and Agio. Meesho recently appointed Surajit Chatterjee as an independent director. Meanwhile, on Tuesday, Amazon Web Services (AWS) CEO Adam Selipsky resigned.
Jassy said: “Adam leaves AWS in a strong position with annual revenue reaching $100 billion this quarter and year-over-year revenue accelerating again. , and continues to lead in terms of overall breadth and depth of services.'' Amazon last month reported net sales of $143.3 billion in the March quarter, compared to $127.4 billion in the same period last year. It was announced that there was an increase. Net profit rose to $10.4 billion in the March quarter.
Meesho is also fundraising.
Meesho also disclosed the new funding in a regulatory filing. According to reports, the company has raised $275 million.Competition among major companies is intensifying in India's e-commerce sector.
