Market sources say more than eight textile manufacturing companies in the city have been acquired in recent weeks, with their combined output representing an estimated 0.8% of national textile production—one of the most substantial expansion moves in the sector this year.
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Samir Kumar, Country Manager for Amazon India said that the company had been encouraged by early customer uptake and had “accelerated its expansion plans”, adding that Amazon expected to “end the year with well over 300 micro-fulfilment centres” and was opening two new sites each day across its three focus cities.
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The Hyderabad store features the brand’s full product assortment, including lines built around its proprietary fabrics and technologies such as Cotflex, Techno Dry, Matpiq, TECHNOCOOL+, TechnoWarm, TechnoGuard and UPF 50+ protection.
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As part of the latest round, Accel India and Fireside Ventures will each invest Rs. 36.94 crore (US $ 4.12 million), while Point72 Ventures will contribute Rs. 26.38 crore (US $ 2.94 million). The remainder of the capital will be provided by AUM Ventures, 2am Ventures and A, Paul SRC SPV V, LLC.
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