More gets 275 Crore INR From Amazon, Samara Capital

Share This Post

Witzig Advisory services, the parent company of More supermarket chain (1), have received a joint infusion of 275 crore INR from Amazon, a global e commerce giant, and Samara Capital, a private equity firm.  

Samara Capital holds a 51% stake in Witzig. It has invested a marginally higher sum compared to Amazon, as per reports. In 2018, Amazon, Samara Capital, and Goldman Sachs had formed an association to acquire the supermarket chain, More. 

The investment of 4,050 crore INR was made to purchase the chain from the Aditya Birla Group. The value of More stood at 644.09 million to 715.66 million USD. Notably, the acquisition wiped out its debt in the book of Aditya Birla Retail Ltd, valued at 4000 crore INR. 


More to Fulfill Groceries and FMCG Orders of Amazon

The funding comes before the festival season India for which etailers are already gathering resources. As per the estimates, the ecommerce market is likely to observe a 70% jump in users in this festive season. It will give companies 45 to 50 million new digital consumers. 

Over 50% of these new buyers are likely to come from Tier-II cities of India. As per several projections, the ecommerce companies are likely to observe a 75% jump in gross sale. In 2019, the etailers generated 4 billion USD sales, and in 2020, it is expected to cross over 7 billion USD.

As per reports, Amazon will allow its users to place groceries and FMCG orders on its platforms. Then the nearby More supermarkets will quickly fulfill the orders. 

More was the fourth-largest supermarket chain operator in India before the acquisition. It had 568 stores in India with over 2 million sq ft of retail market space. Amazon’s association comes as Reliance Industries is also looking to sell an approximately 40% stake worth 20 billion USD of its Reliance Retail to Jeff Bezos. It would be the biggest deal for India and Amazon.

+ posts

Rucha Joshi, currently managing a team of over 20 content writers at TimesNext is fueled by her passion for creative writing. She is eager to turn information into action. With her hunger for knowledge, she considers herself a forever student and a passionate leader.


Related Posts

Swiggy allows Work From home

Joining the list of startups Mesho, Spinny, Zerodha, and...

Can A.I. cure Cancer? 

When we hear the word "terminal disease," the one...

Metaverse in Medicine

Since its inception, Metaverse has been such a buzzword. From...

Monkey Pox – Another endemic?

The world was having a sigh of relief after...

KGF verse – All you need to know!

After a resounding success of KGF, chapter 1, the... Creating the Future Internet With NFT Domains

Web 3.0, also called the decentralized web, is expanding...