Samreen Ahmad · · 1 min readAmazon pumps $86.5m into India wholesale unit
Ecommerce giant Amazon has infused 6.5 billion rupees (US$86.5 million) into its wholesale unit in India, which is the US-based company’s business-to-business arm.
An Amazon “fulfillment center” in Hyderabad, India. Photo credit: Amazon.
Amazon Corporate Holdings Private Limited, Singapore and Amazon.com Inc Limited, Mauritius invested in the India unit, according to financial data accessed by business intelligence platform Tofler.
Amazon India has so far not replied to an email sent by Tech in Asia about the matter.
The wholesale entity purchases products in bulk from manufacturers and sells them to platform sellers who sell on its marketplace. It serves nearly 350,000 sellers across India, giving them access to a wide selection of products at wholesale prices with invoices for goods and services tax.
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The entity had reported a 70% decline in its revenue for the financial year ended March 2020. It raised US$52.6 million in 2017 from Singapore-based Amazon Corporate Holdings Pvt Ltd.
Currency converted from Indian rupees to US dollars: US$1 = 75.1 rupees.
Editing by Collin Furtado and Arpit Nayak
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