E-commerce behemoth, Amazon has reportedly infused $196 million into one of its Indian units – Amazon Seller Services.
With this fresh funding, Amazon is expected to attain more arsenal in India to compete against players like Walmart-owned Flipkart.
The fund will support and enhance the existing responsibilities of Amazon Seller Services such as operating the company’s marketplace in India that allows participants to sell products within the country as well as internationally.
Amazon corporate holdings, Singapore and Amazon.com, Mauritius have contributed to the fresh fund provided to the Indian unit. Apparently, the former invested significant portion of the funding.
Over the past couple of months, Amazon has invested aggressively in infrastructure expansion and addition of new solutions to amplify consumer and seller experience.
Last month, the company’s payments unit in India, Amazon Pay, received a $134 million financing.
While the fresh fund infusion of $196 million was provided during the festive season during which Amazon India reported a record high rise in the number of customers shopping on its platform. Nearly 70% of new customers came from tier 1 and tier 2 towns such as Guntur, Ernakulam and others.
On October 29th, 2021, board of directors of Amazon Seller services signed upon the resolution to strengthen the unit to oversee the company’s operations in India.
Meanwhile, on October 2nd, Amazon.in jumpstarted the Great Indian Festival 2021 via Prime Early Access, which went live on October 3rd.
More than 1,000,000 customers used the platform for the first time to buy a smartphone during the festive season.
Since January 2020, Amazon.com has housed 850,000 sellers and 300,000 of those are listed on Amazon India. The company has also allowed India MSMEs export shipments worth $1 billion in the last 12 months using its Global Selling programme.
Source Credits: https://retail.economictimes.indiatimes.com/news/e-commerce/e-tailing/amazon-seller-services-gets-fresh-fund-infusion-of-rs-1460-cr-from-parent/87698419