Amazon Seller Services gets fresh fund infusion of Rs 1,460 Cr from parent
Amazon Seller Services operates the company's marketplace that helps sellers to sell their products online in India and internationally.
US-based ecommerce giant has infused fresh capital to the tune of Rs 1,460 crore into one of its India units, Amazon Seller Services, according to regulatory documents.
Amazon Corporate Holdings Pvt Ltd, Singapore and Amazon.com Inc Ltd, Mauritius have made the Rs 1,460 crore investment in the unit, documents filed with the corporate affairs ministry and shared by market intelligence firm Tofler showed.
Amazon Seller Services operates the company's marketplace that helps sellers to sell their products online in India and internationally.
The board of directors of Amazon Seller Services passed the resolution at their meeting on October 29, 2021.
E-mails sent to Amazon India seeking comments on the fund infusion did not elicit a response.
According to the data, a significant share of the funds (Rs 1,459.9 crore) came from Amazon Singapore.
The fresh funds will provide more arsenal to Amazon in India to compete against rivals like Walmart-owned Flipkart. Amazon has been aggressively investing in expanding infrastructure and adding solutions to enhance consumer and seller experience.
Last month, the company had also infused Rs 1,000 crore into its payments unit in India, Amazon Pay.
The Rs 1,460 crore infusion into Amazon Seller Services was made during the festive season.
Amazon India had said it has seen the highest number of customers shopping on its platform "than ever before", with 79 percent of new customers coming from tier II and III towns like Ernakulam, Guntur and others.
Customers from 99.7 percent pincodes had shopped on the platform during its month-long festive sale.
Amazon.in, which kickstarted its Great Indian Festival 2021 on October 2 with Prime Early Access and went live for all customers on October 3, said more than 10 lakh customers purchased a smartphone from the platform for the first time during the festive sale.
MOST VIEWED STORIES
