Amazon has invested in Rs. According to data from business intelligence company Tofler, before the festival, its Indian payment department spent 7 billion rupees.

Amazon will start its holiday sales on October 17, and has been trying to encourage payment through Amazon Pay through cash back and other rewards.

Both Amazon and Flipkart offer all discounts from clothes, smartphones to household appliances before the important Hindu festivals of Dussehra and Diwali.

In July, Amazon, led by Jeff Bezos, invested in Rs. Amazon Seller Services (Amazon Seller Services) has 21.31 billion rupees and announced an investment of 1 billion US dollars (about 7,317 crore rupees) at the beginning of this year to bring more than 10 million small businesses in India online by 2025.

Amazon, the billionaire, Reliance Industries led by Mukesh Ambani and Walmart’s Flipkart compete for share in India’s fast-growing online food and grocery market.

The oil-to-telecommunications group Reliance is also expanding its new commercial business and raising the rupees. By selling shares in its retail division to investors including KKR, private equity firm Silver Lake and Abu Dhabi National Fund Mubadala, it achieved 37,719 crore within a month.

At the same time, this week, Amazon sent a legal notice to the Future Group stating that the retailer sold assets to Reliance for US$3.38 billion (approximately Rs 24,696 crore), violating the agreement with the e-commerce giant.

© Thomson Reuters 2020


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