Amazon Seller Services Bags Rs 1,460 Cr from Parent Company
American e-commerce giant, Amazon has infused fresh capital to the tune of Rs 1,460 crore into one of its India units, Amazon Seller Services. Amazon Corporate Holdings Pvt Ltd, Singapore and Amazon.com Inc Ltd, Mauritius have made the Rs 1,460 crore investment in the unit, documents filed with the corporate affairs ministry and shared by market intelligence firm Tofler showed.
Amazon Seller Services operates the company's marketplace that helps sellers to sell their products online in India and internationally. The board of directors of Amazon Seller Services passed the resolution at their meeting on October 29, 2021.
According to the data, a significant share of the funds (Rs 1,459.9 crore) came from Amazon Singapore.
The fresh funds will provide more arsenal to Amazon in India to compete against rivals like Walmart-owned Flipkart. The e-commerce company has been aggressively investing in expanding infrastructure and adding solutions to enhance consumer and seller experience.
Last month, Amazon had also infused Rs 1,000 crore into its payments unit in India, Amazon Pay. Rs 1,460 crore infusion into Amazon Seller Services was made during the festive season.
“It (the company) has seen the highest number of customers shopping on its platform ‘than ever before, with 79 percent of new customers coming from tier II and III towns like Ernakulam, Guntur and others,” Amazon India said.
Customers from 99.7 percent pin codes had shopped on the platform during its month-long festive sale.
“More than 10 lakh customers purchased a smartphone from the platform for the first time during the festive sale,” Amazon.in said.