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Amazon's Upcoming CEO Announces $250M Indian SME Investment Following Merchants Protest: Bloomberg

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Amazon's Upcoming CEO Announces $250M Indian SME Investment Following Merchants Protest: Bloomberg
  • Amazon.Com Inc’s (NASDAQ: AMZN) soon-to-be CEO Andy Jassy has assured his Indian partners and customers about his focus on ensuring small and medium businesses will thrive working with the Amazon platform, Bloomberg reports
  • Jassy’s insinuation points towards his adamance on tapping India’s market of 1.3 billion people, its most important growth market.
  • Jassy announced a $250 million venture fund investment in start-ups focused on innovations for small and medium businesses, agriculture, and health care solutions, acknowledging their importance during its annual sales extravaganza in the country.
  • “Small and medium businesses are the engine and lifeblood of economies,” Jassy said on Thursday.
  • Amazon’s allegedly anticompetitive practices attracted a protest event from over half a million small Indian business merchants on Thursday ahead of India’s potential amendment of foreign investment rules. The protest sought stricter regulation and regulatory investigation on foreign platforms for unfair practices.
  • Jassy disclosed Amazon’s plans of aiding in the digitization of India’s neighborhood shops. The company aimed to add 1 million such stores to its platform by 2025.
  • Price action: AMZN shares traded higher by 1.11% at $3,369.94 on the last check Thursday.
 

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