Amazon gears up for festive season, pumps in $63 mn to beef up logistics
Amazon is gearing up ahead of the festive season in India. As per the filings with the Registrar of Companies, Amazon Transportation Services Pvt. Ltd, the logistics arm of e-commerce firm Amazon India, is set to receive Rs 400 crore ($62.75 million).
9 August, 2017: Amazon is gearing up ahead of the festive season in India. As per the filings with the Registrar of Companies, Amazon Transportation Services Pvt. Ltd, the logistics arm of e-commerce firm Amazon India, is set to receive Rs 400 crore ($62.75 million).
The identity of the investor remains undisclosed. However, Amazon India typically does not rely on external sources for funding.
According to reports, the decision to raise this sum, which will be used to expand business operations, was taken via a board resolution on July 7. It was accompanied by an increase in the company’s authorised share capital from Rs 475 crore to Rs 800 crore.
Previous RoC filings show that Amazon’s logistics arm received Rs 207 crore in March this year and Rs 67 crore in September 2016. Amazon is also adding 14 new fulfilment centres in India this year to expand its storage capacity.