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Amazon India inches closer to US $ 5 bn investment as it receives Rs.2,200 cr infusion

by Apparel Resources News-Desk

07-December-2018  |  1 min read

Amazon India
Image Courtesy: reuters.com

Amazon India has received a massive infusion of Rs.2,200 crore. With this, the total money pumped into Amazon India goes upto Rs.27,290 crore, inching closer to the mark of US $ 5 billion (Rs.35,255 crore) investment that founder Jeff Bezos had committed in 2016.

Amazon Seller Services, the marketplace business of the Seattle-based company, received Rs.2,700 crore in August, Rs.2,600 crore in May and Rs.1,950 crore in January. The latest tranche came from Singapore-based Amazon Corporate Holdings and Mauritius-based Amazon.com.inc on November 19, regulatory filings showed.

The investments were made in a year that saw Walmart acquire a 77% stake in rival Flipkart for US $ 16 billion.

Amazon is set to reach US $ 11.2 billion in gross merchandise value in FY19, similar to that of the Flipkart Group, including Myntra and Jabong, according to Barclays. It said Amazon achieved US $ 7.5 billion GMV in FY18.

The company’s operating revenue grew 57% to Rs.4,928 crore in FY18, while losses piled up to Rs.6,287 crore.

India is the most important market for Amazon outside the US and developments in the country can affect its global performance.