Amazon, a leading international e-retailer, recently invested an added sum of Rs.2,700 crore into its marketplace business in India. The company has also invested a sum of nearly Rs.100 crore into its food retail business in the country.
As per the regulatory documents that were filed with the Registrar of Companies, which was obtained from Paper.VC, Amazon Seller Services, the marketplace segment of Amazon India, received the funding earlier this month. With this capital infusion, Amazon has invested almost a total of $4 billion in its India business in just 5 years.
The online retailer had previously committed to investing a total of sum of $5 billion into its India business and had also allocated a separate sum of $500 million to build the company’s food retail business in India. After Amazon achieved its prior target of investing $2 billion in the country, Mr. Jeff Bezos, the Chief Executive Officer of Amazon Inc., announced that the firm would invest $3 billion more into its India business.
The previous investments made by Amazon were used for various functions including marketing, building large warehouses and a massive logistics unit in the country, increasing the company’s product assortment, and to offer discounts to customers, in an effort to compete with Flipkart.
Sources: Moneycontrol, Business Today, Livemint