Amazon doubles down on food retail business

March 23, 2019

World’s largest online retailer — Amazon’s India unit has increased the authorized share capital of
Amazon Retail India to Rs 355.5 crore from Rs 165.5 crore. With the increase, the number of its
equity share has shot up from 165 million to 355 million of Rs 10 each. The decision was taken earlier
this month in an ‘extra-ordinary’ general meeting of the shareholders of Amazon Retail India, the
documents showed.

Amazon India had invested Rs 10.5 crore in Amazon Retail last year as well. The company had
reportedly committed up to $500 million in the food retail arm to sell local food products through
online and offline platform. Online, Amazon Retail is among the vendors on its grocery platform
Amazon Pantry.

In 2016, the Government had allowed 100 per cent FDI in food retail through offline or online
channels.

Investment Updates brought to you by CII Source: Financial Express