E-commerce Titan Amazon Funds INR 51 Crores In Bengaluru’s Firm Quess Corp

19
Amazon funds in Quess for INR 51 crores

Amazon Inc. has announced its investment into a Bengaluru-based business services firm Quess Corp for Rs 51 crore at a 0.51% stake.

The invested amount is used for Qdigi Services, a subsidiary company of Quess, which is after-sales support for smartphones, durables, and consumer electronics products.

Qdigi Services has around 80 walk-in-centres and 200 legal service providers in India and was acquired in 2018 by Quess Corp for $4.7 million.

On July 12, Quess, through its BSE filing, has issued 754,437 equity shares at a price of Rs.676 to Amazon.com.

Quess serves founded in 2007 and offers services to nearly 2000 clients globally and have tapped around Rs 10,909 crore.

Previously, Amazon invested $10 million in QwikCilver, a Bengaluru-based gift card in December 2014. It even powered a few other startups, including BankBazaar, Capital Float, Acko, and payments technology firm, Tone Tag.

Amazon acquired Noida-based EMVANTAGE Payments Pvt Ltd in February 2016.

As per last month reports, Amazon has funded Rs 2800 crore in the Indian marketplace where the operational revenue grow increased by 57.5% in FY18.

Even e-commerce competitor Flipkart has also aimed at powering its electronics business earlier. In 2014, the company acquired Jeeves, which is also an after-sales service and installations provider. In 2017, it also included F1 Info Solutions that provides specializing in repair and refurbishment of mobile phones.