Amazon India's payments unit gets $95.5 million from parent ahead of festive season | Tech News

Amazon India's payments unit gets $95.5 million from parent ahead of festive season

Amazon's Great Indian Festival sale will start from October 17 onwards. 

By:REUTERS
| Updated on: Aug 20 2022, 23:20 IST
Amazon Great Indian Festival sale.
Amazon Great Indian Festival sale. (REUTERS)

Amazon.com Inc has invested 7 billion rupees ($95.51 million) in its Indian payments unit, ahead of the festive season, data from business intelligence firm Tofler showed.

Amazon will begin its festive season sales on Oct. 17, and has been trying to encourage payments through Amazon Pay with cashbacks and other rewards.

You may be interested in

MobilesTablets Laptops
7% OFF
Apple iPhone 15 Pro Max
  • Black Titanium
  • 8 GB RAM
  • 256 GB Storage
28% OFF
Samsung Galaxy S23 Ultra 5G
  • Green
  • 12 GB RAM
  • 256 GB Storage
Google Pixel 8 Pro
  • Obsidian
  • 12 GB RAM
  • 128 GB Storage
Apple iPhone 15 Plus
  • Black
  • 6 GB RAM
  • 128 GB Storage

Both Amazon and Flipkart offer deep discounts on everything from clothes, smartphones to home appliances ahead of key Hindu festivals Dussehra and Diwali.

Also read
Looking for a smartphone? To check mobile finder click here.

In July, Jeff Bezos-led Amazon.com had invested 23.10 billion rupees in Amazon Seller Services and early this year announced a $1 billion investment to bring more than 10 million small businesses online in India by 2025.

Amazon, billionaire Mukesh Ambani-led Reliance Industries and Walmart Inc's Flipkart are in a race to gain market share in India's fast-growing online market for food and groceries.

Oil-to-telecom conglomerate Reliance is also expanding its new commerce venture and has raised 377.19 billion rupees ($5.14 billion) in a month by selling stakes in its retail unit to investors including KKR & Co, private equity firm Silver Lake and Abu Dhabi state fund Mubadala Investment Co.

Meanwhile, this week, Amazon.com Inc sent a legal notice to Future Group, alleging the retailer's $3.38 billion asset sale to Reliance breached an agreement with the e-commerce giant.

Catch all the Latest Tech News, Mobile News, Laptop News, Gaming news, Wearables News , How To News, also keep up with us on Whatsapp channel,Twitter, Facebook, Google News, and Instagram. For our latest videos, subscribe to our YouTube channel.

First Published Date: 09 Oct, 11:55 IST
Tags:
NEXT ARTICLE BEGINS