BENGALURU (Reuters) – Amazon.com Inc AMZN.O has invested 7 billion rupees ($95.51 million) in its Indian payments unit, ahead of the festive season, data from business intelligence firm Tofler showed.
Amazon will begin its festive season sales on Oct. 17, and has been trying to encourage payments through Amazon Pay with cashbacks and other rewards.
Both Amazon and Flipkart offer deep discounts on everything from clothes, smartphones to home appliances ahead of key Hindu festivals Dussehra and Diwali.
In July, Jeff Bezos-led Amazon.com had invested 23.10 billion rupees in Amazon Seller Services and early this year announced a $1 billion investment to bring more than 10 million small businesses online in India by 2025.
Amazon, billionaire Mukesh Ambani-led Reliance Industries RELI.NS and Walmart Inc’s WMT.N Flipkart are in a race to gain market share in India’s fast-growing online market for food and groceries.
Oil-to-telecom conglomerate Reliance is also expanding its new commerce venture and has raised 377.19 billion rupees ($5.14 billion) in a month by selling stakes in its retail unit to investors including KKR & Co, private equity firm Silver Lake and Abu Dhabi state fund Mubadala Investment Co.
Meanwhile, this week, Amazon.com Inc sent a legal notice to Future Group, alleging the retailer’s $3.38 billion asset sale to Reliance breached an agreement with the e-commerce giant.
Reporting by Nallur Sethuraman in Bengaluru; Editing by Vinay Dwivedi
Chinese internet giant Sina Corp, the parent company of the country’s vast Twitter-like Weibo platform, plans to delist its US shares and go private, making it the latest mainland firm to withdraw from Wall Street as relations between Beijing and Washington sour.
Sina will cease trading on the tech-rich Nasdaq exchange — where it has traded since 2000 — after its board agreed to a merger with a group run by its chief executive that values the firm at $2.59 billion.
The move comes as a growing number of Chinese companies have delisted from the US or opted for secondary, domestic listings as the world’s two superpowers butt heads over a number of issues including technology, Hong Kong and the virus.
The US is considering plans to impose stricter rules on firms listed in the country to open up their audit papers to US accountants, which could lead to Chinese companies forced out.
That could push them towards Hong Kong or Shanghai.
E-commerce giants Alibaba and JD.com, which are traded in New York, have already launched huge offerings in Hong Kong in the past year, while Alibaba’s financial arm is planning a mega dual IPO in the two cities.
China’s leading chipmaker SMIC, meanwhile, delisted in June. This week the US slapped new export restrictions on the beleaguered manufacturer, battering its Hong Kong stocks.
US President Donald Trump has already limited the amount of business US firms can do with telecoms titan Huawei, while he has insisted that the Chinese parent company of popular video app TikTok sell its US operations to an American company, citing security concerns.
The Sina agreement will see it merge with New Wave MMXV Ltd., a Cayman Islands-registered company controlled by Sina CEO Charles Chao, according to a statement posted Monday.
The deal sees New