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    Amazon India's unit gets $308 mln in fresh funds from parent

    Synopsis

    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.

    Reuters
    The company, which competes with Walmart Inc's Flipkart in India, has also been expanding its seller network in the country.
    BENGALURU: Amazon.com Inc has invested 23.10 billion rupees ($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 Inc'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.com in January announced a $1 billion investment to bring more than 10 million small businesses online in India by 2025.

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    1 Comment on this Story

    God 26 days ago
    Amzn should be thrown out for anticompetitive practices. One day an item price is 300 and next day 500. They run it like stock market, at least Flipkart is much better but with slower delivery time.
    The Economic Times