The announcement takes total investment commitment in India by Amazon, which is competing with market leader Flipkart for the top spot, to $5 billion.
The investment by venture capital firm, which was founded by Krishna Gupta along with Neil Chheda while still studying at MIT, comes at a time when the firm is looking at more deals in India.
The latest investment in Amazon Seller Services takes the total capital infused into the main India unit since early 2015 to Rs 8,618 crore.
Chief Executive Binny Bansal has stitched together a plan to cross-sell Flipkart’s commerce, supply chain and advertising services to its top-selling merchants.
Amazon India has roped in Manish Tiwary, a twenty year veteran at global fast moving consumer goods (FMCG) major Unilever, as vice president of category management.
Zomato has also written off Rs 104 crore of the value of its $52 million acquisition of UrbanSpoon, terming it as a non-cash charge on goodwill of the brand.
IIM-A asks Flipkart to guarantee jobs of recruits, says Rs 1.5 lakh compensation for late joining unacceptable
The email, a copy of which ET has, suggested that the delay should be shortened and said the compensation of Rs 1.5 lakh offered by Flipkart was “utterly unacceptable.”
Saama, which has also made several non-tech investments like Chai Point and Raw Pressery, expects to make a final close by third quarter of 2016.
ET puts Binny Bansal's Flipkart under the lens to examine how different the company is from the Flipkart of 2015.
Flipkart will remain the largest player in online retail, no challenger in sight for top slot: CEO Binny Bansal
"I think the only way to do that is we need to deliver this value proposition, innovate and solve local problems with local technology solutions," Binny Bansal said.
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