Amazon Getting all Geared-up for the Festive Season, Infuses Rs 450 cr into Amazon Pay
Amazon Getting all Geared-up for the Festive Season, Infuses Rs 450 cr into Amazon Pay

Amazon has infused Rs 450 crore into Amazon Pay, its payment unit in India, confirmed the regulatory documents. The fresh infusion comes just before the festive season and the e-commerce giant’s much-awaited Great Indian Festival.

Amazon Pay (India) has allotted 45 crore equity shares, aggregating to Rs 450 crore to Amazon Corporate Holdings Pvt Ltd and Amazon.com.inc Ltd, regulatory documents filed with the Ministry of Corporate Affairs and sourced by business intelligence platform Tofler, showed.

As per the filing, Amazon Corporate Holdings Pvt Ltd was allotted 449,955,036 equity shares, while Amazon.com.inc Limited was given 44,964 equity shares.

Amazon had maintained that it has registered five million merchants through its payments unit Amazon Pay and that it remains focussed on helping more SMBs in the country to embrace digital payments.

"Since 2019, we have registered five million merchants through Amazon Pay and gotten 40 million customers through our service to use UPI. We're obviously not alone, and the more companies like Amazon and our competitors all help, the flywheel spins faster," Russell Grandinetti, Senior Vice President, Amazon said.

 
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Retail India News: Gopal Snacks Ltd Sets IPO Price Band, Targets Rs 650 Cr in Retail Investment
Retail India News: Gopal Snacks Ltd Sets IPO Price Band, Targets Rs 650 Cr in Retail Investment
 

Gopal Snacks Limited, based in Rajkot, has established the price band for its Initial Public Offering (IPO) at Rs 381 to Rs 401 per Equity Share with a face value of Rs 1 each. The IPO is set to commence on March 6, 2024, and conclude on March 11, 2024. Investors can bid for a minimum of 37 Equity Shares and in multiples of 37 Equity Shares thereafter, with the issue being an offer for sale amounting to Rs 650 crore.

The fast-moving consumer goods company, known for its ‘Gopal’ brand, specializes in a diverse range of savory products, including ethnic and western snacks, papad, spices, gram flour, noodles, rusk, and soan papdi. With a product portfolio comprising 84 products and 276 Stock Keeping Units (SKUs), Gopal Snacks has expanded its presence across India, reaching over 523 locations in ten States and two Union Territories.

As of September 30, 2023, the company's distribution network consists of three depots and 617 distributors, supported by a dedicated sales and marketing team of 741 employees. Gopal Snacks operates six manufacturing facilities in India, strategically located in Rajkot, Modasa, and Nagpur, focusing on producing a variety of products, including besan, raw snack pellets, seasoning, and spices.

The IPO, conducted through the Book Building Process, allocates not more than 50 percent to Qualified Institutional Buyers, not less than 15 percent to Non-Institutional Investors, and not less than 35 percent to Retail Individual Investors. Book Running Lead Managers for the Offer are Intensive Fiscal Services Private Limited, Axis Capital Limited, and JM Financial Limited, with Link Intime India Private Limited serving as the Registrar. The Equity Shares are proposed to be listed on BSE and NSE.

 

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