Amazon spends Rs 1,660 crore in its Indian division as the e-commerce market becomes more competitive

Amazon has invested a total of Rs 1,660 crore in its India subsidiary, marking the company’s second such investment in recent months. Amazon Seller Services said earlier in February that its US parent firm had invested Rs 830 crore in the business. The funding comes at a time when Flipkart has received around $600 million from Walmart.

Meesho, funded by SoftBank, disclosed its recent fundraising efforts in a regulatory filing as well. The business reportedly raised $275 million. Major competitors in the Indian e-commerce market are becoming more and more competitive. Amazon said in its filings that “166 crore equity shares, each worth Rs 10 each, are allotted to existing shareholders on a right basis, amounting to Rs 16,60,00,00,000 (one thousand six hundred sixty crore) by the board.”

India’s business is expected to grow to $300 billion by 2030, according to projections. Andy Jassy, the CEO of Amazon, said the corporation will increase its investment in the nation by $15 billion last year. He had said, “We plan to invest an additional $15 billion, bringing the total to $26 billion. We have invested $11 billion thus far.” Amazon India introduced Bazaar, a line of unbranded goods priced under Rs 600, last month. This is to compete with other gamers, such as Ajio and Meesho. Surojit Chatterjee was recently selected as an independent director of Meesho. Adam Selipsky, the CEO of Amazon Web Services (AWS), announced his resignation on Tuesday.

“After hitting a $100 billion annual revenue run rate this past quarter and seeing YoY revenue accelerate once more, Adam leaves AWS in a strong position,” Jassy said. Most significantly, AWS maintains its position as a leader in terms of total service breadth and depth, security, dependability, and operational performance. Amazon reported a 13% rise in net sales last month, coming in at $143.3 billion for the March quarter as opposed to $127.4 billion for the same time the previous year. Its net income for the March quarter rose to $10.4 billion.

Meesho is also raising money.

Meesho also disclosed its recent funding in a regulatory filing. The business reportedly raised $275 million. There has been increasing rivalry among big firms in the Indian e-commerce market.