Latest posts by TheStartupMojo (see all)
Amazon has now entered the domestic market and seeking inroads to encapsulate the Indian Domestic Market in Tier 2 and Tier 3 cities. One such initiative of Amazon has brought Ashok Patni Group to form JV with Amazon, targeting the Tier 2 and 3 local language speaking cities in India, called as Appario Retail.
Patni Group holds 51% ownership in the JV. Amazon participated (for the remaining 49%) through its Indian subsidiary – Frontizo Business Services, that acts as a seller on the Amazon India platform. According to MCA filings. “Frontizo Business Services started operations in Bengaluru In June this year with an investment of $30.4 Mn (INR 197 Cr) from Amazon Asia Pacific Holdings and Patni’s Zodiac Wealth Advisors LLP.”
As per the latest filing, “the recently formed joint venture between Amazon and Patni Group, has received a capital infusion of $15.69 Mn (INR 100 Cr). Appario Retail has increased its paid up capital to $22 Mn (INR140 Cr) from $6.27 Mn (INR 40 Cr).”