Amazon India’s payments unit gets $95.5 mln from parent ahead of festive season

In this news, we discuss the Amazon India’s payments unit gets $95.5 mln from parent ahead of festive season.

BENGALURU (Reuters) – Amazon.com Inc AMZN.O invested 7 billion rupees ($ 95.51 million) in its Indian payment unit, ahead of the holiday season, according to data from business intelligence firm Tofler .

Amazon will begin holiday season sales on October 17 and is trying to encourage payments through Amazon Pay with cash back and other rewards.

Amazon and Flipkart are offering deep discounts on everything from clothing, smartphones to home appliances ahead of major Hindu festivals of Dussehra and Diwali.

In July, Amazon.com, led by Jeff Bezos, had invested 23.10 billion rupees in Amazon Seller Services and announced earlier this year an investment of $ 1 billion to bring more than 10 million small businesses online. in India by 2025. [nL4N29K1LR]

Amazon, Reliance Industries, led by billionaire Mukesh Ambani, RELI.NS and WMT.N Flipkart from Walmart Inc. are in a race to gain market share in India’s fast growing online market for food and the grocery store.

Oil-telecom conglomerate Reliance is also expanding its new trading venture and raised 377.19 billion rupees ($ 5.14 billion) in one month by selling stakes in its retail unit to investors such as KKR & Co, the private equity firm Silver Lake and the State of Abu Dhabi. Mubadala Investment Co. [nL4N2GX2QD]

Meanwhile, Amazon.com Inc sent a legal notice to Future Group this week, alleging that the sale of the retailer’s $ 3.38 billion assets to Reliance violated an agreement with the e-commerce giant. [nL4N2GY2U4]

($ 1 = 73,2900 Indian rupees)

Reporting by Nallur Sethuraman in Bengaluru; Editing by Vinay Dwivedi

Original © Thomson Reuters Corporation

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