US Markets

Amazon pumps in more than $600 mln into India units

Amazon.com Inc has invested around 45 billion rupees ($634.20 million) into its Indian subsidiaries as the Seattle-based e-commerce giant ramps up operations in one of its fastest growing markets.

BENGALURU, Oct 30 (Reuters) - Amazon.com Inc AMZN.O has invested around 45 billion rupees ($634.20 million) into its Indian subsidiaries as the Seattle-based e-commerce giant ramps up operations in one of its fastest growing markets.

Documents filed with the Registrar of Companies showed that Amazon had pumped the money into its retail, food and payments units. The company did not immediately clarify where or how the money would be used.

India is among the last frontiers for Amazon and a crucial market for growth. Founder Jeff Bezos has committed to spending more than $5 billion for the Indian market, where Amazon is locked in a battle with Walmart Inc-owned WMT.N Flipkart.

While both companies have rapidly expanded into various categories such as food retail and payments, Amazon also offers its Prime video streaming and music services in India.

In August, the company said it will pick up a minority stake in India's Future Retail Ltd FRTL.NS, which owns several supermarket brands, including budget department and grocery store chain Big Bazaar.

($1 = 70.9550 Indian rupees)

(Reporting by Nivedita Bhattacharjee in Bengaluru, Editing by Sherry Jacob-Phillips)

((Nivedita.Bhattacharjee@thomsonreuters.com; Mobile: +91 9920455129; Office: 08067491310;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Latest Markets Videos

Reuters

Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

Learn More