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Amazon India Drives Its Offline Strategy, Gains Control Of Retail Chain More

April 03, 2019 / Bhumika Khatri
SHARESHARESHARE

With the recent changes in Indian FDI policy for ecommerce, US-based ecommerce giant Amazon has had a bit of a setback in its plans to dominate the Indian ecommerce as well as offline space. However, the company is now seeking alternate routes in India and its acquisition of Aditya Birla’s retail chain More is now complete. In September 2018, Witzig Advisory Services through Samara Capital and Amazon agreed to acquire the grocery and retail stores chain More. According to a Ministry of Corporate Affairs filing of Witzig Advisory Services, Amazon has picked up 49% stake in the company, but has only bought 17% voting rights via Class A equity shares and the rest 32% stake through Class B equity shares which don’t have voting rights.