Amazon's B2B biz receives Rs 341 crore in fresh funds

Angelica Greene
July 7, 2017

In a recent filing, the technology major said Amazon Wholesale India, its business-to-business (B2B) arm has received a capital infusion of Rs 341 crore as per the latest resolution passed by the board, documents from the Registrar of Companies show.

It should be noted in June a year ago, the U.S. based e-commerce company's founder and CEO Jeff Bezos had committed an additional investment of billion, thus taking the total investment in India to billion.

Global e-tailing giant Amazon has invested over Rs 2,000 crore (over Dollars 310 million) in India in the last two months as it looks to consolidate its position in the country and fend off local rivals like Flipkart.

A merger will help Flipkart, which is already backed by Microsoft Corp, China's Tencent and online auction site eBay, bulk up and stay ahead of Amazon, which is expanding rapidly in the world's fastest-growing internet services market.

Amazon's founder and chief executive Jeff Bezos recently reiterated the commitment to India after meeting Prime Minister Narendra Modi in USA last month, tweeting "Always impressed, energised by optimism and invention in India". It should be noted in June past year, the USA based e-commerce company's founder and CEO Jeff Bezos had committed an additional investment of $3 billion, thus taking the total investment in India to $5 billion.

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In June previous year, the US-based firm had said it will invest an additional United States $3 billion in India, topping up the company's earlier stated investment of U.S. $2 billion. This announcement followed the July 2014 declaration made by Amazon's Chief Executive Officer Jeff Bezos to invest $2 billion (approximately Rs 13,305 crore) in the Indian market to build warehouses, a large logistics unit, marketing, discounts and increasing product assortment.

Only a day earlier, Amazon Seller Services Pvt.

Mint reported last April that Amazon India, which was launched in June 2013, had doubled its authorized capital to roughly about Rs16,000 crore.

"Amazon will invest $3 billion more in India. We have already created some 45,000 jobs in India and continue to see huge potential in the Indian economy", Bezos had said at the annual gala of US India Business Council (USIBC) in June previous year.

Other reports by GizPress

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