Amazon, the e-commerce company, delivered a notice to its restaurant partners in the nation. Amazon is ending its food delivery service as of December 29 just over two years after it began. The news comes a day after Amazon announced it would be closing down its EdTech platform in the nation.
Amazon to shut food unit: Key Points
- The company intends to fire thousands of workers globally. Numerous people have lately lost their jobs at Twitter and Meta, among other internet platforms.
- Amazon has committed to fulfilling all of its payment and other contractual responsibilities, as it has informed its restaurant partners.
- Restaurants will have access to all Amazon tools and reports up until January 31, 2023. Amazon will also offer support for any compliance-related issues up until March 31.
What Amazon has to say about the shut down?
- The business declared that it is still committed to the Indian market and that it will keep investing in B2B services like Amazon Business, as well as grocery, smartphones and consumer electronics, fashion, and beauty.
- With negative Ebitda margins of 5-10%, Amazon has not been able to turn a profit in India after investing $6.5 billion there over the last eight years.
- Amazon had previously announced that it would close Amazon Academy, its online learning platform that helped students in India prepare for competitive exams.
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