Industry

Amazon pumps in over ₹1,715 cr. into India units

Amazon Pay India receives ₹1,355 cr.

E-commerce major Amazon has pumped over ₹1,700 crore into its payments and wholesale business units in India, signalling opportunity that the U.S. giant sees in the country.

Amazon Pay India has received ₹1,355 crore from Amazon Corporate Holdings and Amazon.com.incs.Limited, while Amazon Wholesale (India) allotted shares worth about Rs 360 crore to Amazon Corporate Holdings and Amazon.com.incs.Limited, regulatory documents filed with the corporate affairs ministry showed. The digital payment unit allotted shares to the said units on December 31, 2019, while Amazon Wholesale (India) made the allotment on December 30.

E-mails sent to Amazon India on the fund infusion did not elicit any response.

Amazon CEO Jeff Bezos is in India this week and is expected to meet top government functionaries, business leaders and SMBs.

The top executive’s visit comes at a time when India’s antitrust body, Competition Commission of India has ordered an investigation into alleged violations of competition laws by Amazon and Walmart-owned Flipkart.

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Printable version | Jun 5, 2020 9:52:25 AM | https://www.thehindu.com/business/Industry/amazon-pumps-in-over-1715-cr-into-india-units/article30569227.ece

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