Amazon to buy 10% stake in Future Group to strengthen its offline presence in India
Amazon is reportedly in talks to acquire a 10% stake, worth $500-600m, in Indian company Future Group as it readies itself to expand in retail.
Amazon to buy 10% stakes in Future Group to strengthen its offline presence in India / Amazon
Future Group which currently owns brick and mortar retail shops like Big Bazaar and Easy Day is valued to be $6 bn (Rs. 40,872 crore) according to Factor Daily.
The news comes after Amazon's rival Walmart acquired Indian e-commerce giant Flipkart.
However, Amazon’s India business could be valued at $16 bn right now and is expected to reach $70 bn in gross merchandise volume (GMV) and $11 bn in net sales by 2027, according to a report by Citi Research.
Amazon India previously invested in local fashion retailer Shoppers Stop, taking a 5% stake in the business.
Content created with:
Amazon
Find out more