Amazon announced Friday that it will close its Indian food delivery business by the end of 2017, pulling back from the $20 Billion contract it entered into. less than three years.
Amazon Food, the Indian food delivery company, will be shut down by the retailer on December 29. Food Company was launched in India in May 2020, in Bengaluru. The company expanded the service to other parts of Bengaluru and linked up with additional restaurants. However, it did not heavily market the platform.
“Customers have been telling us for some time that they would like to order takeaway meals from Amazon as well as shop for all their other essentials. This is especially important in the current times as they stay safe at home,” the company said at the time of Food’s launch.
According to Sanford C. Bernstein, India’s food delivery market will be worth $20 billion within three years. Zomato, which is listed publicly, holds a small advantage in the market over Swiggy. SoftBank, Prosus Ventures, and Invesco support it.
Amazon stated on Friday that it doesn’t take such decisions lightly. Amazon stated that they are phasing out these programs to take care of existing customers and partner. They also support our impacted employees during this transition. Amazon will continue to offer the best online shopping experience for our growing customer base, with the largest selection. A product of great value and convenience.”
This announcement is part Amazon’s larger restructuring in India. She had earlier announced that she would be a spokesperson for Amazon India. Shutting down its Education Technology Service AcademyNext year in the country
Amazon’s largest overseas market is India. Published more than 6.5 billion dollarsin its local business in India. However, the company is behind Flipkart or Walmart. Struggling to make inroads in India’s smaller citiesAccording to a Sanford C. Bernstein recent report, cities and towns.
According to analysts, the total value of Amazon’s 2021 products in the country is between $18 billion to $20 billion. This figure is less than Flipkart’s $23 million.
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