MUMBAI: US-based e-commerce giant Amazon has made an equity investment of Rs 510 million in QDigi, an after-sales support company for electronic products.
QDigi is a subsidiary of Quess Corp, which holds a 70% controlling stake in the Quess East Bengal FC I-League team (emphasis ours). The critical hitch for the Bengaluru-based listed business services firm is that, while it may own the team, it has no say in the club (again emphasis ours). What this effectively means is that the elected “old guard” with sundry political backers are still making vital decisions on “behalf” of the team. So there is only so much that Quess Corp CMD Ajit Isaac and the management team he has put in place can do unless said old guard are also on board.
Coming back to QDigi, Quess Corp board has approved issue of 754,437 equity shares to Amazon.com at an issue price of Rs 676 on a preferential basis, according to a stock exchange filing, Livemint reports. The issue price is nearly 50% higher than its current trading price of Rs 430, according to the financial daily.
Quess Corp, currently offers end-to-end business functions like recruitment, temporary staffing, technical staffing, information technology (IT) products and solutions, skill development, payroll, compliance management, integrated facility management and industrial asset management services to companies operating across sectors– global technology solutions, people and services, integrated facility management and industrial asset management.
QDigi, earlier a subsidiary of HCL Infosystems, is an after-sales service provider for product categories such as mobile phones, consumer electronics and consumer durables in the customer lifecycle management space. The company has a provisional operating income of ₹183.5 crore, according a report from rating agency ICRA.
Amazon has so far invested in a number of Indian technology startups, including digital insurance firm Acko, digital lender Capital Float and payments technology firm Tone Tag, Livemint further reports.
