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Amazon India Unit Gets Rs. 2,310 Crores in Fresh Funds From Parent

Amazon India Unit Gets Rs. 2,310 Crores in Fresh Funds From Parent

Amazon India in May said it would hire 50,000 temporary workers to meet a surge in online shopping in the country.

By Reuters | Updated: 8 July 2020 13:12 IST

Amazon India Unit Gets Rs. 2,310 Crores in Fresh Funds From Parent

Amazon had in May said it would hire 50,000 workers to meet the surge in Demand

Highlights

Amazon Singapore made a significant portion of financing, data shows
Amazon has invested Rs. 2,310 crores in Amazon Seller Services
Amazon has also been expanding its seller network in India

Amazon has invested Rs. 2,310 crores ($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 financing, data from business intelligence firm Tofler showed.

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.

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.

Jeff Bezos-led Amazon in January announced a $1 billion (roughly Rs. 7,495 crores) investment to bring more than 10 million small businesses online in India by 2025.

© Thomson Reuters 2020

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