The fresh investment is part of Amazon's commitment to put in $5 billion into the Indian market.
As per a Mintreport, regulatory filings with the Registrar of Companies show that Amazon India has issued paid up capital of Rs17,839 crore ($2.7 billion) towards its marketplace arm Amazon Seller Services so far.
The doubling of authorized capital not only improves the prospect of future India investments by Amazon founder Jeff Bezos, but also sets the stage for an all-out, high-stakes war against Flipkart. With the new funding Amazon has nearly doubled its authorised capital to $4.74 billion.
Seattle-based e-commerce giant Amazon has made a fresh investment of Rs 2,900 crore in its Indian unit as part of its commitment to invest United States dollars 5 billion to expand its business in the country, according to a report by The Financial Express. "We are delighted and humbled by the trust from our customers, to lead in India on things that matter to our customers in over four years of our business, while continuing to launch innovative India-first initiatives as well as completely new offerings like Echo, Prime and Prime Video", Amazon India said in a statement. "And we launched Prime there a year ago if you remember, and we've had more Prime members join in India than in any other country in the first 12 months". So, a lot of positive momentum and investment going on in India, we are very pleased with that.
Brian T Olsavsky, chief financial officer at Amazon, told FE, "It is worldwide expansion and primarily in India where we're continuing to add benefits".
Amazon Seller Services Pvt Ltd, the largest arm of the United States company here, has seen three rounds of capital infusion this year. "Flipkart will have in excess of $4 billion of cash on balance sheet", it added.
This is Amazon's third round of fund infusion into the Indian market this year, taking the total investments in Amazon Seller Services to Rs 17,840 crore. ET reports that this is over double of Flipkart's Rs 8,349 crore investment into its marketplace.
This has prompted Flipkart to diversify into various categories to keep up with competition. However, at the end of it, Flipkart emerged the victor.
Amazon's willingness to pump in more funds is especially significant at this point, because it comes after a bruising festive season battle against Flipkart where it lost out to the Indian online retailer, as Mint reported on 27 September.
Also, Director Dara Khosrowshahi sold 72,383 shares of Expedia stock in a transaction that occurred on Friday, November 3rd. Following the sale, the insider now directly owns 169,575 shares in the company, valued at approximately $20,971,340.25.
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It said the increase was primarily because of greater sharing and content costs, and expenses for payment-related services. Investment in mobile gaming, such as its own development studios, and in PC gaming has been a primary driver of revenue.
The rating was maintained by RBC Capital Markets with "Hold" on Wednesday, July 26. (NYSE:AMP) rating on Wednesday, March 23. Out of 4 Wall Street analysts rating Ameriprise Financial, 1 give it "Buy", 0 "Sell" rating , while 3 recommend "Hold".
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