Amazon is buying 49% stake in Indian supermarket chain More, according to reports in local media.
With over 540 supermarkets across India, More is part of Aditya Birla Group's retail business. Alongwith Amazon’s 49%, Indian private equity fund Samara Capital will be acquiring the remaining 51% in the supermarket chain. No official statement on Amazon's actual investment amount has been made, however.
The deal could be seen as Amazon’s latest ammo against Walmart in the offline retail space. In May, Walmart acquired 77% stake in India’s Flipkart – which does not have any brick-and-mortar store.