Amazon.com Inc said it has acquired Indian payments processor Emvantage Payments Pvt Ltd for an undisclosed sum.
Emvantage’s employees will join Amazon’s India unit that will use the company’s technology on its e-commerce website, Amazon said in a statement.
Amazon has been rapidly expanding into India’s fast growing e-commerce segment that is likely to grow to $220 billion (roughly Rs. 15,04,800 crores) by value of goods sold by 2025.
Tata Group’s retail firm Trent Ltd last week said online retail giant Amazon has picked up 26 percent stake in its publishing arm Westland for Rs. 9.5 crores.
“The investor would subscribe to Westland’s share capital such that it holds 26 percent of the Westland’s share capital on a fully diluted basis, for an aggregate amount of approximately Rs. 9.5 crores,” Trent Ltd said in a BSE filing.
Under the definitive agreements signed by Trent, Amazon.com NV Investment Holding LLC and Westland, Amazon will have a right to appoint a director on the Board of Westland and also have the option to acquire the remaining 74 percent of shares at a later date.
Rival Snapdeal on Monday announced it had raised $200 million (roughly Rs. 1,362 crores), giving it a valuation of around $6.5 billion (roughly Rs. 44,457 crores). The firm is looking to ramp up investments in logistics and infrastructure in the fast-growing domestic e-commerce sector.
The fundraising, led by Canada’s Ontario Teachers’ Pension Plan and funds advised by Iron Pillar, comes at a time when there are increasing worries about incremental funding among Indian startups.
In December, Snapdeal co-founder had told Reuters the company is looking to increase spending on logistics and technology to better compete with rivals.
[“source-gadgets.ndtv”]