Amazon exits India's Shoppers Stop after selling 4% stake for Rs 276 crore

Global e-commerce giant Amazon has fully exited Shoppers Stop after selling a 4% stake in the Indian listed company. 

The move comes five years after Amazon first invested in the retailer, underscoring the shifting dynamics in India’s competitive retail market.

On Wednesday, Amazon’s investment arm, Amazon.com NV Investment Holdings, sold nearly 44 lakh shares of Shoppers Stop at an average price of Rs 627.60 per share. The sale totaled around Rs 276 crore.

Who bought the shares?

Several notable buyers acquired the shares sold by Amazon. Asset and wealth management firm 360 One, through its four affiliates, took a portion of the stake. Kotak Mahindra Mutual Fund, Tata Mutual Fund, and Morgan Stanley also picked up shares at the same price.

In January 2018, Shoppers Stop had issued shares worth Rs 179.26 crore to Amazon’s investment arm. At the time, the move was seen as Amazon’s push into India’s retail sector, allowing it to partner with a well-established brick-and-mortar player.