Amazon injects $95.5m into its Indian payments business
Amazon and Flipkart offer big discounts on clothes, smartphones and home appliances during the busy Indian festival period
Amazon has invested 7bn rupees ($95.51m) in its Indian payments business, with festive season sales to begin on Saturday, October 17.
It comes as India’s popular Hindu festivals Diwali and Dissehra approach, which see Amazon and Flipkart offering great discounts on clothes, smartphones and home appliances.
Amazon has already made investments in India’s growing online market.
In July, it invested 23.10bn rupees in Amazon Seller Services and early this year announced a $1bn investment to bring more than 10 million small businesses online in India by 2025.
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Billionaire Mukesh Ambani’s Reliance Industries is also expanding its new commerce venture and has raised 377.19bn rupees in a month by selling stakes in its retail unit to investors.
At the same time Jeff Bezos’ Amazon has sent a legal notice to Future Group, alleging the retailer’s $3.38bn asset sale to Reliance breached an agreement with the e-commerce giant.
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