Amazon has invested Rs 240 Crore (almost $35 Million) in its food-only retail business, which acts as a seller of packaged food products and groceries to the firm’s domestic ecommerce market. The spending comes over a month after revised guidelines by India for FDI in ecommerce was set, which had originally placed food retail investments by Amazon in danger.
As per regulatory filings sourced from media, Amazon Retail India got Rs 240 Crore hugely from Amazon Corporate Holdings, the current shareholder. it is a Singapore-located body engaging in food retail all over ASEAN nations. The spending also comprised a token amount from the US-located parent firm, Amazon.com.
Capital infusion by Amazon in the business unit hints that the firm is going forward with its projected extension in grocery and food retail in India, a sector that it had claimed it is optimistic on.
“Our food retail business presently serves clients in 100+ cities all over the nation. We are on track to increase the business more by expanding reach to serve users in additional pin codes and including extra selection,” the firm claimed to the media in an interview.
On a related note, Amazon keeps modifying the advantages of its Twitch Prime bundle for Prime users with decisions such as taking away ad-free streams and including free games. The biggest tweak will be specific appealing to particular gamers, as it has joined hands with Nintendo to give a year of Switch Online free service with the bundle.
On the other hand, users do not get the complete year free. Those concerned will require heading to Twitch’s official site to claim 3 Months free first, then return after 60 Days to claim more 9 Months of free service. It is a year total free and will allow anybody needing to enjoy Switch Online functions such as classic games, cloud saves, and online multiplayer.