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
- Silicon Valley startup Tipalti just raised $150 million from investors led by Durable Capital Partners.
- The company, which is now valued at $2 billion, has raised a total of $280 million from investors including 01 Advisors, the fund run by former Twitter executives Dick Costolo and Adam Bain.
- Tipalti’s technology helps businesses automate their payments processes quicker and with more efficiency. The company’s clients include Twitter, GoDaddy and Uber.
- Tipalti saw stronger demand for its offering because of the pandemic which forced businesses to embrace remote work while establishing better controls over their financial systems.
“We’re seeing COVID act as a tailwind,” CEO Chen Amit told Business Insider. “In these times you need better financial controls. These drive an increase in demand. We’re growing faster than we grew last year.”
- Here’s the pitch deck Tipalti used to raise a Series E round.
- Visit Business Insider’s homepage for more stories.
Tipalti has just raised $150 million in funding based on a spike in investor interest in the Silicon Valley startup which helps businesses automate their payment processes.
And that that heightened interest was actually brought on by the pandemic, which led to a greater need for automation as businesses grappled with the shift to remote work, said CEO Chen Amit. Tipalti’s technology enables businesses to manage financial transactions with more speed and efficiency.
The platform is used by such companies as Twitter, Uber and GoDaddy. Tipalti, which is now valued at $2 billion, has raised about $280 million from investors, including 01 Advisors, the fund run by former Twitter CEO Dick Costolo and former Twitter Chief Operating Officer Adam Bain.
“We’re seeing COVID act as a tailwind,” he told Business Insider. “In these times you need better financial controls. These drive an increase in demand. We’re growing faster than we grew