Amazon pumps Rs 284cr to food retail unit
Bangalore: It has pumped Rs 284 crore into Amazon Retail, the unit that sells groceries and foodstuffs in the Indian market, according to regulatory documents obtained from the Tofler business intelligence platform.
This comes at a time when only essentials are sold due to restrictions and there is a high demand for groceries and food.
The capital infusion was approved last month before the closing began. Amazon entities in Singapore and Mauritius have infused the capital. In October last year, Amazon Retail had received around Rs 172 crore in a new capital, preceded by another Rs 240 crore previously.
The food retail unit plays a key role in order fulfillment and Amazon fresh , the two main vehicles for selling essential items. Currently, the company is seeing a continuous increase in order volumes and has now restarted deliveries in selected areas of approximately 40 cities.
The latest capital infusion will only mean that the local arm of the Seattle-based e-retailer will further grow the grocery and food-selling business as consumers are expected to further reduce their spending on non-essential items.
An email to Amazon India received no response.