Infiniti Retail increases equity capital by Rs 1000 crore

  • India Infoline News Service |
  • 14 Nov, 2022 |
  • 8:19 AM

According to the most recent regulatory filings, Tata-owned Infiniti Retail, which owns the Croma retail chain and online store, is increasing its authorized share capital to Rs4,000 crore by injecting Rs1,000 crore in the form of equity shares "to support the expansion plans and digital transformation of the company."

The super app Tata Neu is only one of the online venues which the Tata's use to sell goods and smartphones. In reality, business leaders claim that Croma has been continually losing money in order to offer discounts, which are currently among the sharpest in the sector.

"Rs500 crore is expected immediately and the remainder in the next financial year," Infiniti Retail stated in papers with the Registrar of Companies (RoC). It stated that as of right now, out of the Rs2,000 crore approved equity share capital, Rs1,790 crore in subscribed and paid-up equity share capital.

Infiniti Retail is expanding both its store presence and will burn more money through discounts, primarily in its webstore and Tata Neu, with the goal of securing market share, according to industry executives, even though the retailer has not made explicit the expansion plans and digital transformation in the RoC filings. The top sales categories in Indian e-commerce are electronics and cell phones, which account for about 50–55% of all transactions on most platforms.

Earlier this fiscal year, the Tatas invested Rs500 crore in Infiniti Retail, while it had raised Rs250 crore each in FY22 and FY18 and Rs100 crore in FY20.

In order to prepare for a new capital infusion by its parent, Tata Digital also sought to enhance its authorized share capital in September from Rs15,000 crore to Rs20,000 crore. In addition to funding business operations and other standard corporate requirements, it had stated that it was raising money to pay off existing debt and invest in other corporate bodies.

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