This week, Amazon announced that it will acquire Emvantage for an undisclosed sum. Emvantage was founded in 2012 and is a payment platform for online payments. The company did this because they are trying to gain a presence on the Indian market.
So far it seems as if no employees will be laid off, since the retail giant has informed all employees of Emvantage that they would become employees of Amazon.
Some might be wondering why Amazon would venture into the Indian market, however according to a report from Goldman Sachs the Indian ecommerce market could be worth $100 billion by 2020.
Srinivas Rao, Director Amazon Payments India, stated that the new addition would be very beneficial for Amazon, and continued to add “we are laser focused on providing customers in India with a convenient and trust worthy shopping experience.”
The acquisition will “help Amazon accelerate the development of convenient and trustworthy payment solutions for customers and the ecommerce industry in India,” Emvantage wrote in a blog post.