Advertisement

Amazon puts an additional $260M into its Indian business

Amazon puts an additional $260M into its Indian business
From TechCrunch - July 5, 2017

Amazon has topped up its investment in its India business with another $260 million. The funding was disclosed in regulatory documents filed last month and first reported by Indian financial publication Mint.

The infusion of capital comes in time to prepare Amazon India (officially named Amazon Seller Services Pvt Ltd) for the holiday shopping season, which centers around the Dussehra and Diwali festivals in the fall. Amazon Indias chief rival for the attention of online shoppers will be Flipkart, which raised $1.5 billion at a valuation of $11.6 billion three months ago from a noteworthy roster of investors including Amazon rival eBay, Microsoft, and Tencent. Another important competitor is Alibaba-backed Paytm.

Amazon pumped $2 billion into its Indian marketplace in summer 2014 and launched Amazon Prime there last year, with annual memberships costing 999 rupees (about $15, though discounts are available for new members). Amazon India will run its first Prime Day on July 10, to coincide with the online shopping/promotional events timing in the U.S. and other markets.

Advertisement

Continue reading at TechCrunch »