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Amazon Invests $37.5M in MORE Grocery Stores

Amazon Invests $37.5M in MORE Grocery Stores

INDIA - 18 months ago, Amazon and another retail partner, Samara Capital, quietly acquired MORE, a retail chain in India. Now, after barely any news had surfaced regarding this deal, Amazon has hit the newswire with a $37.5 million investment in the chain.

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 wonder if this sudden investment is a sign of even more investments to come.

Amazon recently announced a $37 million investment in MORE grocery stores after acquiring a 49 percent stake in the chain 18 months ago

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.

Will we soon hear even more news of Amazon’s expansion across the globe? Stick around as AndNowUKnow finds out.