Amazon Cuts Hasty Deal to Bring Thousands of Products Back to India
In order to return thousands of products to Amazon’s listings in India, the retailer crafted a quick plan to sell much of its stake in local venture partner Cloudtail to comply with India’s tight new e-commerce regulations. Amazon sold 25 percent of its shares to Prione Business Services Pvt. The deal returned products that had to be suspended from sale on Feb. 1 when the new regulations kicked in.
Heeding complaints from small merchants, Narendra Modi’s government banned Amazon and Walmart’s Flipkart from cutting exclusive arrangements with sellers, offering deep discounts or holding any business interest in online merchants on their websites.
Read more at Bloomberg.