Amazon infuses $7.43 million in Quess Corp, aims to expand value proposition to customers

Must Read

Howdy, Modi! : World media reactions on Modi-Trump’ grand Houston Event address

New Delhi, Sep 23: United States President Donald Trump and Indian Prime Minister Narendra Modi on late Sunday shared...

Howdy Modi : Modi-Trump mark history in US-India relationship with great show at Houston

Houston, Sep 22:  Modi, delivering his speech at the historic event, talks about the development underwent over five years...

ECI announces dates of Maharashtra & Haryana elections; Single Phase Election on October 21; Result on 24th

Election Commission of India has announced the dates of much-awaited state elections. According to the Chief Election Commissioner, Sunil...

Amazon, global tech giant, based out of California, has invested $7.43 million (approx ₹51 crore) in Quess Corp, a Bengaluru-based technological and business services provider.

The news came after Amazon picked up a 0.51 per cent stake in the company. With this, the company is looking to expand its value proposition to customers across the entire lifecycle of electronics from sales to after sales to repair service.

Quess Corp’ss board approved the preferential issuance worth INR 51 Cr of 7.54 Lakh shares at INR 676 per share to NV Investment.

Amazon, is an American multinational technology company, based out of Seattle that focuses on e-commerce, cloud computing, digital streaming and artificial intelligence. It was founded in 1994 by Jeff Bezos.

Amazon is investing into Quess’ subsidiary Qdigi Services. Qdigi has a service network of close to 80 walk-in-centres and 200 authorised service providers across India. Also, as a part of the deal, Amazon has also taken certain rights in Qdigi. This includes a right of first refusal that gives it the option to be the first to purchase or buy in Qdigi before Quess tries to sell it to a third party, non-compete and a right to acquire it in the future.

Amazon has earlier invested in Indian startups such as Acko to further enhance its value proposition for the customers.

In December 2014, Amazon made its first investment in India by investing $10 Mn in Bengaluru-based gift card technology and retail startup QwikCilver Solutions. Then it acquired Noida-based payment gateway firm EMVANTAGE Payments Pvt Ltd, for an undisclosed amount in February 2016.

Thus, other major players in the digital payment industry are PaytmPhonePeGoogle PayMobiKwik, many more.


Please enter your comment!
Please enter your name here

- Advertisement -

Latest News

Amala Paul overwhelmed on working in Telugu version of Netflix’s Lust Stories

Amala Paul is a well established name in the Telugu cinema who is known for her work in successful...

‘Syria offensive to resume if Kurds don’t withdraw’

Ankara, Oct 22 (IANS) Turkey has threatened to resume its offensive on the northern Syrian border if Kurdish militias do not clear the area...

Federer celebrates match No. 1500 with a win

Basel (Switzerland), Oct 22 (IANS) Roger Federer registered a commanding straight sets victory over German qualifier Peter Gojowczyk in what was the Swiss legend's...

Happy with SC order, manufactured apprehensions laid to rest: Anirudh Chaudhry

By Baidurjo BhoseNew Delhi, Oct 22 (IANS) Hearing the BCCI matter, the Supreme Court bench comprising Justices S.A. Bobde and L. Nageswara Rao on...

Election Commission: Bypolls to 51 assembly seats and two Lok Sabha seats in 18 states witness 57 percent voting turnout

In the by-polls of Monday, the states witnessed a moderate turnout of around 57 percent. Bypolls to 51 assembly seats and two Lok Sabha...
- Advertisement -

More Articles Like This