Amazon pumps in additional Rs 2900cr in Indian business

By : |November 15, 2017 0

Amazon has invested another Rs 2900 crores in its Indian unit nearly matching its mammoth capital commitment of $5 billion made in June last year.

While in June, Amazon India received a funding of Rs 1,680 crore, it got another boost of Rs 1,620 crore in September. According to regulatory filings with the Registrar of Companies on Tuesday, Amazon India has already issued paid up capital of Rs 17,839 crore ($2.7 billion) towards its marketplace arm Amazon Seller Services this year.

“As India’s largest and fastest-growing e-commerce player, and with a long-term commitment to make e-commerce a habit for Indian customers, we continue to invest in the necessary technology and infrastructure to grow the entire ecosystem. We are delighted and humbled by the trust from our customers, to lead in India on things that matter to our customers in over four years of our business, while continuing to launch innovative India-first initiatives as well as completely new offerings like Echo, Prime and Prime Video,” Amazon India said in a statement.

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The latest move by Amazon indicates that the American e-commerce giant is leaving no stones unturned to take on local poster boy, Flipkart. Amazon’s continued investments in India and its fight with Flipkart has impacted its margins over last few quarters. While in the June quarter, the company reported an international loss of $724 million, it incurred a loss of $481 million for the quarter ended March 2017.

Amazon’s capital infusion comes after Flipkart raised $2.5 billion from SoftBank and another $1.4 billion from Tencent Holdings, eBay and Microsoft.

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