Amazon Pumps In Money Into MORE To Take On The Heavyweights Reliance Retail And DMart

Before the Mukesh Ambani and Kishore Biyani’s deal was announced, several reports did the rounds that global e-commerce giant Amazon was going to get a cut in the deal. While Reliance Retail and Future Group have gone ahead with the deal, Amazon has moved back to betting more on an investment from over one and a half years ago.

Amazon and Samara Capital are investing ₹275 crore ($37.5 million) into MORE – the retail chain the duo had acquired from Kumar Mangalam Birla’s Aditya Birla Group, according to filings sourced by financial data platform paper.vc. “This is the first time they have infused money into the supermarket chain after acquiring it 18 months ago,” said Jayraj Patel from paper.vc.

Samara and Amazon had together invested ₹4,050 crore ($450 million) in MORE in 2018. Samara Capital holds a 51% stake in the retail chain, while Amazon owns 49%. This was one of the first offline retail bets for the global e-commerce giant in India. It had soon followed up with a partnership with Kishore Biyani’s Future Retail.

While MORE may have more store counts than Radhakishan Damani led DMart, it falls behind Reliance, Future and DMart in terms of sales.

The investment into MORE comes at a time when the grocery e-retail space is heating up in India. MORE stores are used by Amazon Prime for its hyperlocal grocery delivery. The space will see tough competition from Reliance’s JioMart which is also betting on the offline-online space by partnering with kirana stores across the country.

During Jeff Bezos’ visit to India in February 2020, the Amazon top boss had said the company will be investing $1 billion into India.

Sandip Ginodia , CEO

ALTIUS INVESTECH PVT LTD

We deal in over 60 unlisted companies with 15 years of experience

For latest prices visit : www.abhisheksecurities.com/unlisted.htm / call : 09830271248 .

Email : ginodiasandip1@gmail.com

Comments

Reliance's JioMart is averaging half a million orders per day; WhatsApp driving growth

JioMart , Reliance's online-to-offline commerce platform that launched in May , has scaled up rapidly, riding on the pandemic-fuelled digital acceleration. The service, which went live in 200 cities across India, is currently processing an average of 500,000 orders per day. " We can go even higher on peak days", Jio Platforms CEO Kiran Thomas revealed at the Facebook for Fuel India 2020 event. He said, "JioMart is empowering millions of kiranas and small merchants through the simple and secure platform of WhatsApp, and linking them to Reliance Retail's pan-India supply chain. We expect to grow manifold in future, and are optimistic about enabling new cohorts of users and making it easier for them to shop for daily essentials." "Customers are transacting seamlessly on JioMart and the conversational nature of the service enabled by WhatsApp has made people adapt to it intuitively," he added. Reliance also stated th...

Zomato, Swiggy score 1/10 on working conditions for their workers – ET Retail

Some of India's biggest startups have ranked near the bottom when it comes to working conditions for their gig workers , according to a report released Wednesday. While Swiggy , Zomato and Uber India scored 1/10, Urban Company and Flipkart’s logistics arm EKart scored the highest 8/10 and 7/10, respectively, ‘ Fairwork India Ratings 2020: Labour Standards in the Platform Economy’ showed . The report assessed the companies on five principles: fair play, fair conditions, fair contracts, fair management, and fair representation. Deepinder Goyal, chief executive officer of Zomato Media Pvt. Ltd., acknowledged the ratings on Twitter. “Zomato ranked at the bottom of 2020 Fairwork India scores. We knew we had things to work on, but we didn’t know that there is so much room for improvement.” The company takes full responsibility and “will leave no stone unturned to perform better in the rankings next year,” he added. Zomato received a 4/10 in ...

Stock broker SMC Global files for IPO

F inancial services company SMC Global Securities has filed draft red herring prospectus with SEBI for public issue of 1,58,67,380 equity shares of face value of Rs 2 each. The issue comprises a fresh issue of 79,33,690 equity shares by the company and an offer for sale of 79,33,690 shares by Millennium India Acquisition Company Inc. As of September 30, 2012, "We service our broking clients through a network of 43 branches and 2,521 registered sub-brokers and authorized persons spread in more than 500 cities and towns. We have also established an office in Dubai for brokerage and trading activities in that region," the company said. SMC has reported a loss of Rs 0.42 crore and total revenues of Rs 292.24 crore in the year ended March 31, 2012. "The proceeds of the fresh issue shall be utilised for margin maintenance with stock exchanges; part repayment of term loan; investments into subsidiary, SMC Comtrade; and general corporate purposes," according to p...

Abhishek Securities

Search This Blog