Trending

Stories

Amazon Fresh Store in India: a Deal With Future Group for Rs 1,500 Crore

Must Read

Moupiya Dutta
Moupiya Dutta
She finds it interesting to learn and analyze society. she keeps herself updated, emphasizing technology, social media, and science. She loves to pen down her thoughts, interested in music, art, and exploration around the globe.

Amazon has finally locked its deal with Kishore Biyani’s Future Group to take a significant stake in one of India’s largest retailers.

On Thursday, Future Retail announced that Amazon had inked a deal to buy almost half of one of its promoter-holding entities, Future Coupons Ltd, with an option to acquire the entire stake in the future. Such a long-awaited deal would let the Seattle-based online retail giant pick up a 4% stake in the flagship Future Retail.

Also Read

Amazon will also pick up a 49% stake in Future Coupons, which will pick up 7-8% shares in Kishore Biyani’s Future Retail, which owns Big Bazaar and Nilgiris Retail chains. According to sources, Amazon’s stake in Future Coupons is being picked up for about Rs 1,500 crore, giving the company a market capitalization of over Rs 20,700 crore.

Amazon has the right to buy out the entire stake held by Future Coupons in Future Retail in the future. This deal comes after the change in online retail norms in December last year, which had put curbs on global e-Retailers like Amazon. However, Amazon has a ‘call’ option to buy the entire holding in Future Coupons between 2022 and 2029, it said, and at the same time, Biyani has agreed to certain binding agreements over the sale of the 51% stake in Future Coupons.

Additionally, the Seattle-based company; Amazon has launched the Amazon Fresh Store service in Bengaluru, India. The grocery delivery service that was first started in Seattle in 2007 now enables Indian users to simply head to the Amazon India website or the app and order their grocery which will provide 2-hour deliveries to selected PIN codes in Bengaluru.

The service is yet to go live in other cities, for now, it is available in Bengaluru where the deliveries are done through the Amazon Prime Now service between 6 a.m. and midnight.

Stay updated

Subscribe to our newsletter and never miss an update on the latest tech, gaming, startup, how to guide, deals and more.

Latest

Stories

- Advertisement -
- Advertisement -

Latest

Grow Your Business

Place your brand in front of tech-savvy audience. Partner with us to build brand awareness, increase website traffic, generate qualified leads, and grow your business.

- Advertisement -

Related

- Advertisement -
- Advertisement -
OnePlus Nord N30 5G goes official in the U.S. Apple Introduces Vision Pro VR Headset for Augmented and Virtual Reality Microsoft to Pay $20M Fine for Violating Children’s Privacy with Xbox Nothing Phone (2) Confirmed for India Production Fitbit Integration with Google Accounts Begins Xiaomi 13 Ultra Global Launch: Offers, Price, Specs Meta Unveils Quest 3 VR Headset, Reduces Price for Quest 2 Foxconn to Manufacture iPhones in Karnataka, India: Creating 50,000 Jobs Amazon Echo Pop: Stylish Semi-Sphere Smart Speaker in India Redmi Display A27: Affordable 27 Inches Monitor with 100Hz Refresh
OnePlus Nord N30 5G goes official in the U.S. Apple Introduces Vision Pro VR Headset for Augmented and Virtual Reality Microsoft to Pay $20M Fine for Violating Children’s Privacy with Xbox Nothing Phone (2) Confirmed for India Production Fitbit Integration with Google Accounts Begins Xiaomi 13 Ultra Global Launch: Offers, Price, Specs Meta Unveils Quest 3 VR Headset, Reduces Price for Quest 2 Foxconn to Manufacture iPhones in Karnataka, India: Creating 50,000 Jobs