Amazon reportedly investing in Indian supermarket chain
Amazon is expanding its fleet of supermarkets — but this time, they are not in the United States.
Amazon and Indian private equity firm Samara Capital are making a joint investment that will give the online retail giant a stake in Indian supermarket chain called More, according to Reuters.
Samara Alternative Investment Fund-owned Witzig Advisory Services is buying controlling stake in the company. Through its partnership with Samara Capital, Amazon will also have a stake in the Mumbai-based grocery chain’s supermarkets and hypermarkets. The deal is worth approximately $580 million (U.S. dollars), the report revealed.
An Amazon spokeswoman said in an emailed statement, “Through this investment, Amazon looks to enhance its services portfolio, and meaningfully invest in and create opportunities for skill development and job creation.”
The move could further heat up Amazon’s rivalry with Walmart, which acquired Indian online retailer Flipkart in August.
To read more, click here.
Amazon and Indian private equity firm Samara Capital are making a joint investment that will give the online retail giant a stake in Indian supermarket chain called More, according to Reuters.
Samara Alternative Investment Fund-owned Witzig Advisory Services is buying controlling stake in the company. Through its partnership with Samara Capital, Amazon will also have a stake in the Mumbai-based grocery chain’s supermarkets and hypermarkets. The deal is worth approximately $580 million (U.S. dollars), the report revealed.
An Amazon spokeswoman said in an emailed statement, “Through this investment, Amazon looks to enhance its services portfolio, and meaningfully invest in and create opportunities for skill development and job creation.”
The move could further heat up Amazon’s rivalry with Walmart, which acquired Indian online retailer Flipkart in August.
To read more, click here.