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Amazon Invests $37.5M in MORE Grocery Stores

Amazon Invests $37.5M in MORE Grocery Stores


INDIA
Thursday, September 24th, 2020

With Amazon expanding its operations at an unbelievable pace, it comes as no surprise that the online retail giant has invested $37.5 million in its recently acquired MORE retail chain in India. In partnership with Samara Capital, news of Amazon's acquisition was scarce, but now with its recent investment it leaves us wondering what more the retailer has up its sleeve.

MORE stores are utilized by Amazon as central hubs for its Amazon Prime grocery delivery service. Jeff Bezos himself, Amazon’s CEO, noted during a visit to India in February of this year that the company plans to invest $1 billion into India.

Amazon recently announced a $37.5 million investment in MORE grocery stores after acquiring a 49 percent stake in the chain 18 months ago

According to a report from Business Insider, this is the first time Amazon has infused money into MORE since it acquired a 49 percent stake in it a year and a half ago. As one of Amazon’s early expansions into the Indian e-tail market space, we can’t help but think if this sudden investment is a sign of even more to come.

As more news on Amazon’s foray into the Indian retail market becomes available, keep a tab open for Deli Market News for the latest.

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