BENGALURU: Amazon has infused Rs 1,660 crore into its India entity and this is the second time that the company has invested money in the last few months. Earlier in February, Amazon Seller Services said its US parent pumped in Rs 830 crore into the company. The investment comes at a time when Walmart has invested about $600 million in Flipkart.
SoftBank-backed Meesho, also in a regulatory filing, has revealed its fresh fund raising. As per reports, the company has raised $275 million. The Indian e-commerce space has been witnessing growing competition among major players. Amazon said in its filings, “The board is accorded for allotment of 166 crore equity shares of Rs 10 each aggregating to Rs 16,60,00,00,000 (one thousand six hundred sixty crore) to existing shareholders on right basis.”
As per reports, the industry in India is projected to reach $300 billion by 2030. Last year, Amazon CEO Andy Jassy had said the company will invest $15 billion more in the country. “We have invested $11 billion till date and intend to invest another $15 billion, which will bring the total to $26 billion,” he had said. Last month, Amazon India launched Bazaar that offers unbranded products under Rs 600. This is to compete against other players including Meesho and Ajio. Meesho recently appointed Surojit Chatterjee as an independent director. Meanwhile on Tuesday, Amazon Web Services (AWS) CEO Adam Selipsky has stepped down.
Jassy said, “Adam leaves AWS in a strong position, having reached a $100 billion annual revenue run rate this past quarter, with YoY revenue accelerating again. And most importantly, AWS continues to lead on operational performance, security, reliability, and the overall breadth and depth of our services.” Last month Amazon posted 13% increase in its net sales at $143.3 billion in the March quarter compared with $127.4 billion in the year-ago period. Its net income increased to $10.4 billion in the March quarter.
Meesho too raising funds
Meesho also in a regulatory filing has revealed its fresh fundraising. As per reports, the company has raised $275 million. The Indian ecommerce space has been witnessing growing competition among major players