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Amazon invests Rs 2,600-crore more in India to take on Walmart

Amazon invests Rs 2,600-crore more in India to take on Walmart

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Amazon. (Photo: Twitter/@amazon)
Bengaluru, May 9 (IANS) World's largest e-commerce player Amazon has invested an additional Rs 2,600 crore in its India operations ahead of the US retail giant Walmart taking over the country's e-tail major Flipkart.
"The Amazon board has accorded consent to allot 260 crore shares of Rs 10 face value aggregating Rs 2,600 crore to the shareholders on rights basis in the ratio of their shareholding," said Amazon Services Ltd in a filing with the Registrar of Companies (RoC).
According to the Chennai-based business intelligence platform Paper.vc, which sourced the regulatory documents, the Seattle-based Amazon infused the additional capital into the Singapore-based Amazon Corporate Holdings Ltd and Amazon.com incs Ltd, which operate Amazon India e-tail business.
"Though the Board accorded consent on April 26, the regulatory filing was made with the RoC on Tuesday by Amazon Company Secretary Ankur Sharma," Paper.vc Vivek Durai told IANS on Wednesday.
Amazon Seller Services helps Indian sellers to hawk their diverse products online across India and worldwide.
Amazon Chief Executive Jeff Bezos had earlier committed to invest a whopping $5 billion in India to cash-in on the rapid growth in e-commerce.
Growing at about 30 per cent cumulative average growth rate (CAGR), the e-commerce business is projected to be about $200 billion of the gross merchandise value in a decade.
--IANS
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(This story was auto-published from a syndicated feed. No part of the story has been edited by The Quint.)

(This story was auto-published from a syndicated feed. No part of the story has been edited by The Quint.)

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