Amazon is continuing with its mega investment spree into India unit, as it looks to increase market share and move towards achieving profitability.
According to company regulatory filings, Amazon has pumped in around ₹1,700 crore in its payments as well as wholesale business units in India. This indicates that the company sees growth opportunity in this area apart from online retail. This also comes at a time when Jeff Bezos is in the country, with several high profile meetings — including one with the Prime Minister — set to take place.
Out of the ₹1,700 crore coming to India, Amazon Pay has received around ₹1,355 crore from Amazon Corporate Holdings and Amazon.com.incs.Limited. On the other hand, Amazon Wholesale (India) allotted shares worth about ₹360 crore to Amazon Corporate Holdings and Amazon.com.incs.Limited.
While the report about this investment is coming out now, the regulatory filings show that Amazon Pay allotted shares on December 31, 2019, while Amazon Wholesale (India) made the allotment on December 30 last year.
Meanwhile, Amazon CEO Jeff Bezos is in India this week and is also expected to meet top government functionaries, business leaders and SMBs. His visit comes at a time when the Competition Commission of India (CCI) has ordered an investigation into alleged violations of competition laws by Amazon and Flipkart.
This is yet another major issue for both the companies after they faced a major regulatory hurdle in the country last year which imposed ban on exclusive sales, restrictions on discounts and cashback promotions.