Global ecommerce giant Amazon and private equity firm Samara Capital have jointly invested INR 275 Cr in Witzig Advisory Services, holding company of the More supermarket chain.
Unlock in few regions of the country after the Covid 19 pandemic has made the e-commerce industry re-enter the market and gear up for the festive season.
The investment marks the first fund infusion the US-based online retailer and Samara have made into More since they acquired it from the Aditya Birla Group in September 2018, when they had invested Rs 4,050 crore.
The investment comes ahead of the festive season, during which the e-grocery segment is expected to perform strongly. Amazon allows customers to place online grocery and FMCG orders on its website and app and fulfils them quickly from nearby More supermarkets.
Amazon’s move to consolidate comes even as Mukesh Ambani-led Reliance Industries is reportedly looking to sell around 40% stake in its retail business Reliance Retail to Jeff Bezos. If the deal comes through, it will be the biggest deal in India as well as for Amazon.