E-commerce giant Amazon has invested Rs 1.6 billion in its India operations, media reports said citing regulatory filings. This is the second time in the past five months that the company has injected cash into its India unit, Amazon Seller Services.
The development comes as the e-commerce industry faces massive competition among industries to control market share in India, Moneycontrol reported.
The company's regulatory filings reveal: 00,00,000/- (Rupees 1,660 Crore only) to the existing shareholders (to Amazon Corporate Holdings Private Limited and Amazon.com.incs Limited) on rights basis. ” The filing date is April 15, 2024.
Notably, Walmart recently poured $600 million into Flipkart, a direct competitor to Amazon. Amazon's last injection of capital into its India operations came in February this year.
The report details the company's future plans, quoting Amazon CEO Andy Jassy, saying the company plans to invest $15 billion of its surplus in India by the end of 2010. He said that. This brings the Indian e-commerce giant's overall investment commitments to his $26 billion, including the $12.7 billion Amazon Web Services (AWS) has committed to investing in India by the end of 2030. Become.
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Notably, Flipkart and Amazon are vying to capture the growing Indian market. Other e-commerce companies like Meesho are also eyeing a share of the domestic e-commerce market. Recently, Amazon also launched Bazaar. This puts it in direct competition with Meesho, the SoftBank-backed e-commerce platform.
According to an AllianceBernstein report released earlier this year, Flipkart commanded a 48 per cent share in India's e-commerce sector and emerged as the market leader in the country in 2022-23 (FY23). At the same time, the report outlines Meesho as the fastest growing e-commerce platform in the country.
