Amazon India launches fund for SME biz partners
New Delhi, April 29
Amazon India on Wednesday said it has set up a special fund to support delivery service partners and transportation partners associated with the company, and provide financial aid for April.
“This Partner Support Fund for small and medium businesses in logistics will be available to Delivery Service Partners (DSP) and select Transportation partners in India to help adjust their business model to the new realities posed during the lockdown,” a statement said.
Through the one-time disbursement, the fund will support the partners in multiple ways, including enabling them to provide financial aid to close to 40,000 of their staff for the month of April, it added.
Additionally, it will help cover some critical fixed infrastructure costs, and support liquidity as well as cash flow for these businesses as they resume and scale their operations post lockdown, the statement said.
“Amazon is committed to keeping India safe by delivering essentials to customers at their doorstep. We are equally invested in helping our partners overcome the unforeseen disruption in business.
“This one-time special Partner Support Fund is designed to enable partners to assist close to 40,000 of their associates through financial hardships,” Amazon Vice President Customer Fulfilment Operations (APAC, MENA and LATAM) Akhil Saxena said.
He added that the fund help its small business partners in logistics get back on their feet at the earliest when the economy reopens.
The fund follows the recent announcement of the global USD 25 million Amazon Relief Fund (ARF) in India that can be utilised by qualifying individuals, who have been quarantined or diagnosed with COVID-19.
Amazon India has extended the ARF to eligible delivery associates who are part of the delivery service partner programme, Amazon Flex program and its trucking partners providing transportation support.
Besides, Amazon Pay – the payments unit of the company – has launched ‘Amazon Pay Later’. The service will extend a virtual line of credit to eligible customers shopping on Amazon.in. After a digital sign-up process, customers will get access to instant credit that they can use to buy any product ranging from daily essentials to electronics and clothing, the company said in a separate statement.
Customers can also use this credit to complete their bill payments on Amazon.in. Amazon Pay Later service offers the option to repay in the subsequent month at no additional fees, or in easy EMIs up to 12 months at nominal interest rates. PTI SR
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