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News: Amazon Invests Rs 2,900 Crore in Amazon India

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News: Amazon Invests Rs 2,900 Crore in Amazon India

In late 2017, Amazon raised Rs 2,900 crore in funding for Amazon India. The funds came from Singapore-based group entity Amazon Corporate Holdings and Mauritius-based group entity Amazon.com.incs. The investment is part of Amazon’s $5 billion India business expansion plan.

Amazon’s total investment in India has reached nearly $1 billion in the 2017-18 fiscal year alone. In June, Amazon invested Rs 1,680 crore and in September an additional Rs 1,620 crore.

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According to Amazon’s chief financial officer, Brian T. Olsavsky, they launched Amazon Prime in India a year ago and have had more Prime members join in India than any other country in the first 12 months.

Amazon competes with India-based ecommerce company, Flipkart. Both companies are gearing up to go head to head with competing sales next week. The Amazon Great Indian Sale will run January 21st through January 24th. To oppose Amazon, Flipkart announced their own major sale. Flipkart’s Republic Day Sale will be January 21st through January 23rd.

Amazon and Flipkart are fierce competitors in India and promise deep discounts to customers during their sales in categories like mobile, electronics, fashion, furniture, books and more.

To read more, please see: Amazon Seller Services gets Rs 2,900 crore fresh funding from parent for India business expansion.