BREAKING NEWS

Amazon pumps in more than $600 million into India units

Amazon pumps in more than $600 million into India units
FILE PHOTO: The logo of Amazon is seen at the company logistics centre in Boves, France, September 18, 2019. REUTERS/Pascal Rossignol/File Photo -
Copyright
Pascal Rossignol(Reuters)
Euronews logo
Text size Aa Aa

BENGALURU (Reuters) – Amazon.com Inc <AMZN.O> has invested around 45 billion rupees ($634.20 million) into its Indian subsidiaries as the Seattle-based e-commerce giant ramps up operations in one of its fastest growing markets.

Documents filed with the Registrar of Companies showed that Amazon had pumped the money into its retail, food and payments units. The company did not immediately clarify where or how the money would be used.

India is among the last frontiers for Amazon and a crucial market for growth. Founder Jeff Bezos has committed to spending more than $5 billion for the Indian market, where Amazon is locked in a battle with Walmart Inc-owned <WMT.N> Flipkart.

While both companies have rapidly expanded into various categories such as food retail and payments, Amazon also offers its Prime video streaming and music services in India.

In August, the company said it will pick up a minority stake in India’s Future Retail Ltd <FRTL.NS>, which owns several supermarket brands, including budget department and grocery store chain Big Bazaar.

($1 = 70.9550 Indian rupees)

(Reporting by Nivedita Bhattacharjee in Bengaluru, Editing by Sherry Jacob-Phillips)

euronews provides breaking news articles from reuters as a service to its readers, but does not edit the articles it publishes. Articles appear on euronews.com for a limited time.
Euronews is no longer accessible on Internet Explorer. This browser is not updated by Microsoft and does not support the last technical evolutions. We encourage you to use another browser, such as Edge, Safari, Google Chrome or Mozilla Firefox.