Tuesday, May 21, 2024

Amazon pumps Rs 1,600 crore into its India arm as e-commerce battle intensifies


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New Delhi, May 14: E-commerce giant Amazon has pumped Rs 1,600 crore into its India arm, Amazon Seller Services, a regulatory filing by the company has shown.

The investment comes as India’s e-commerce growth is expected to reach $200-230 billion by 2030, a steady 20-22 per cent rise.

According to Amazon’s filing in the US, “The Board is hereby accorded for allotment of 1,66,00,00,000 (One hundred sixty six crore) equity shares of Rs 10 each aggregating to Rs 16,60,00,00,000 (One thousand six hundred sixty crore) to the existing shareholders on right basis”.

This is the second time when the e-commerce giant has infused money into Amazon Seller Services this year.

In February, the US-based parent company infused Rs 830 crore into its India entity.

Recently, Walmart invested $600 million into homegrown rival Flipkart.

The e-commerce war in the country has intensified as India, a growing economy, is set to add a new user base of almost 210 million shoppers by 2030 from the current 240 million users.

Most of these new users are expected to be from tier 2 and beyond cities, according to market research firm Redseer.



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