Amazon Seller Services gets fresh fund infusion of Rs 2,310 cr from parent
Summary
The board of directors of Amazon Seller Services passed the resolution at their meeting on June 25, 2020. According to financial data accessed by business intelligence platform Tofler, a significant share of the funds (Rs 2,309.8 crore) came from Amazon Singapore. In January this year, Amazon founder Jeff Bezos had announced $1 billion (over Rs 7,000 crore) investment in India to help bring small and medium businesses online. Previously, the online retail giant had committed $5.5 billion investments in India, Amazons most important market outside of the US and a key growth driver. Earlier this month, Amazon India extended a 100 percent SoA (Sell on Amazon) fee waiver for 10 weeks, a move aimed at helping over 10 lakh artisans, weavers, and women entrepreneurs who are part of its Karigar and Saheli programmes.