Amazon Commits $250 Million for India's Small Businesses as Traders Question Practices, Amazon announced plans.
Amazon commits $250 million (roughly Rs. 1,860 crores) for India's small businesses as traders question practices
Amazon on Thursday announced a $250 million (roughly Rs. 1,860 crores) venture fund for India, focused on bringing the country's small businesses online, as the company comes under fire from local retailers.
The new fund will focus on the digitisation of small and medium businesses, innovation in agri-tech and health tech, the company said.
"We are very passionate about trying to enable acceleration of small and medium-sized businesses, in fuelling innovation and the economy in India," the company's incoming CEO Andy Jassy said at Amazon India's event "Smbhav", which phonetically means "possible" in Hindi.
Jassy, who overseas Amazon's fast-growing cloud computing business, will take over as CEO from founder Jeff Bezos later this year.
Amazon also announced plans to bring 1 million shops onto its platform by 2025 under a "local shops" initiative that is aimed at bringing the stores online, and competes with the likes of India's Reliance which also plans to use such retailers for online deliveries.
Many Indian retailers, which are a crucial part of Prime Minister Narendra Modi's support base, have long alleged that e-commerce giants like Amazon and Walmart's Flipkart flout federal regulations and that their business practices hurt small traders. The companies deny the allegations.
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