Amazon Seller Services Pvt. Ltd. receives Rs. 1460 crores from US based parent company
- ByTejika Bajaj | November 13, 2021
India based Amazon Seller Services Pvt. Ltd. has recently received a funding of Rs. 1460 crores in a corporate round from its US based e-commerce parent company Amazon Inc. As per reports, Amazon Corporate Holding Pvt. Ltd has invested Rs. 1,459 crores and Amazon.com Incs Ltd. has cashed in Rs. 6.7 lakhs.
Amazon Inc would receive 146 crore equity shares in exchange for the recent infusion of capital in the firm.
This announcement comes just days after the e-commerce giant infused Rs. 1000 crore in Amazon Pay ahead of Diwali. The new investment probes towards Amazon’s plan to expand into Tier 3 and Tier 4 cities in India.
Amazon India ran its flagship sale during the month of Diwali known as the ‘Great Indian Festival’ where it competed with brands such as Walmart backed Flipkart, Snapdeal and Nykaa. However, during this period, the e-commerce platform witnessed a 79% increase in the customer base from Tier 2 and 3 cities like Patna.
Amazon India claims to have more than 8, 50,000 sellers in their network and aim to double the number in the next year by adding more small and medium enterprises. Last year the company added 1.5 lakh sellers and 70,000 exporters to their network.
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