Technology

Amazon Pay Unit Gets Rs. 700 Crores From Parent Ahead of Festive Season

Amazon has invested Rs. 700 crores in its Indian payments unit, ahead of the festive season, data from business intelligence firm Tofler showed.

Amazon will begin its festive season sales on October 17, and has been trying to encourage payments through Amazon Pay with cashbacks and other rewards.

Both Amazon and Flipkart offer deep discounts on everything from clothes, smartphones to home appliances ahead of key Hindu festivals Dussehra and Diwali.

In July, Jeff Bezos-led Amazon had invested Rs. 2,310 crores in Amazon Seller Services and early this year announced a $1 billion (roughly Rs. 7,317 crores) investment to bring more than 10 million small businesses online in India by 2025.

Amazon, billionaire Mukesh Ambani-led Reliance Industries and Walmart’s Flipkart are in a race to gain market share in India’s fast-growing online market for food and groceries.

Oil-to-telecom conglomerate Reliance is also expanding its new commerce venture and has raised Rs. 37,719 crores in a month by selling stakes in its retail unit to investors including KKR, private equity firm Silver Lake and Abu Dhabi state fund Mubadala.

Meanwhile, this week, Amazon sent a legal notice to Future Group, alleging the retailer’s $3.38 billion (roughly Rs. 24,696 crores) asset sale to Reliance breached an agreement with the e-commerce giant.

© Thomson Reuters 2020


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