Amazon buys Indian payments processor Emvantage
16 February 2016
Amazon.com Inc said today it has acquired Indian payments processor Emvantage Payments Pvt Ltd for an undisclosed sum.
Emvantage's employees will join Amazon's India unit that will use the company's technology on its ecommerce website, Amazon said in a statement.
Amazon has been rapidly expanding in India's fast growing ecommerce segment which is expected to grow to $220 billion (Rs15,04,800 crore) by value of goods sold by 2025.
Tata Group's retail firm Trent Ltd last week said online retail giant Amazon has picked up a 26 per cent stake in its publishing arm Westland for Rs9.5 crore. (See: Amazon picks up 26% stake in Tatas' book unit Westland).
"The investor would subscribe to Westland's share capital such that it holds 26 per cent of the Westland's share capital on a fully diluted basis, for an aggregate amount of approximately Rs.9.5 crore," Trent Ltd said in a BSE filing.
Under the definitive agreements signed by Trent, Amazon.com NV Investment Holding LLC and Westland, Amazon will have a right to appoint a director on the Board of Westland and also have the option to acquire the remaining 74 percent of shares at a later date.
Rival Snapdeal on Monday announced it had raised $200 million (Rs1,362 crore), giving it a valuation of around $6.5 billion (Rs44,457 crore). The firm is looking to ramp up investments in logistics and infrastructure in the fast-growing domestic e-commerce sector.
The fundraising, led by Canada's Ontario Teachers' Pension Plan and funds advised by Iron Pillar, comes at a time when there are increasing worries about incremental funding among Indian startups.
In December, one of Snapdeal's co-founders had told Reuters the company is looking to increase spending on logistics and technology to better compete with rivals.