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Doris Yu · · 1 min readAmazon invests another $152M in its Indian unit
Documents sourced by business intelligence platform Tofler showed that Amazon Corporate Holdings Pvt. Ltd., Singapore, and Amazon.com Inc., Mauritius, have invested in Amazon Seller Services. This comes after the Indian unit received around US$313 million from Amazon in July.
The additional funding will help the ecommerce firm compete with its rivals as one of the biggest online sales of the upcoming festive season in India draws near, the report said.
One of Amazon’s rivals is Flipkart, which raised US$560.4 million last week as part of a US$1.2 billion fundraising led by its parent company Walmart in July.
The other local player is JioMart, the online selling channel of Reliance Retail. Reliance Retail, the retail unit of Indian conglomerate Reliance Industries, earlier announced that it will be receiving US$755 million from KKR and US$1 billion from Silver Lake.
Earlier this month, Amazon was also reportedly seeking to buy a 40% stake in Reliance Retail in a US$20 billion deal.
Currency converted from Indian rupee to US dollar: US$1 = 73.71 rupee.
Editing by September Grace Mahino
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