Amazon injects US $ 252 million in its Indian arm
Amazon, the US-based e-commerce giant, has made a staggering investment of
US $ 252 (approx.) million in its local arm – Amazon Seller Services Pvt. Ltd. With this investment, Amazon is marching ahead to surpass SoftBank, a Japanese multinational telecommunications and Internet corporation, to become the biggest global investor in India’s digital economy.
The latest move by the e-retailer has come as part of its plan to invest US $ 5 billion in the country and expand its business operations in view of the onset of the festival season. Meanwhile, SoftBank has so far invested around US $ 4 billion in India, making it the biggest foreign investor in the country. Over the years, Amazon has emerged as the most popular online destination for Indian shoppers. This has pushed the e-retailer to capitalise on the growth and edge past its Indian rivals like Flipkart and Snapdeal; after being outshone by Alibaba in China.
Additionally, the e-commerce leader has announced to set up 41 more warehouses or Fulfilment Centres (FCs) to better serve its sellers; improve delivery time; increase speed to market; and enhance its storage capacity in order to meet the mounting demand for its products in the Indian market.