Amazon Deepens Overseas Push With Latest Acquisition - Amazon.com (NASDAQ:AMZN)

Amazon.com Inc AMZN has acquired the Indian social commerce startup GlowRoad in an all-cash deal making a more significant push into one of its key overseas markets, TechCrunch reports.
The financial terms of the transaction remain undisclosed.
The report cited an Amazon spokesperson saying the acquisition will help Amazon make inroads with its commitment to digitizing the nation's 10 million businesses by 2025.
Amazon, which has invested over $6.5 billion in its India operations, said: "Amazon continues to explore new ways to digitize India and delight customers, micro-entrepreneurs, and sellers, and bringing GlowRoad onboard is a key step in this direction."
"Together with GlowRoad, Amazon will help accelerate entrepreneurship among millions of creators, homemakers, students, and small sellers from across the country."
GlowRoad sells products to customers at wholesale prices and helps them resell them on Meta Platforms Inc FB Facebook, and WhatsApp. It also provides them with a logistics network (to help deliver the product) and the ability to collect cash.
"GlowRoad is committed to creating more 'homepreneurs' and bringing many unique and unbranded suppliers to the platform," said co-founder Shekhar Sahu.
The report noted Walmart Inc's WMT Flipkart has aggressively geared up its social commerce offering, Shopsy, India.
Many startups, including SoftBank Group Corp SFTBY SFTBF, Facebook-backed Meesho and Alpha Wave Global, and Tiger Global-backed Dealshare also operate in the social commerce space and enjoy a larger market share than that of Shopsy.
Price Action: AMZN shares closed lower by 3.7% at $2,965.92 on Thursday.

Market News and Data brought to you by Benzinga APIs