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The funding will be used to expand reach, enhance branding and improve the technology stack.

The company argued the bill targets one retailer, Amazon, by requiring a market value of at least $550 billion to qualify for regulation, thus excluding Walmart and Target.

The company said that in January 2020 it pledged to digitise one crore MSMEs, enable $10 billion in cumulative exports and create 20 lakh jobs in India by 2025.

According to Industry experts, the move is in direct conflict with the sector regulator’s position to open up this spectrum band.

The announcement comes at a time when Thrasio is reported to be looking to lay off a portion of its employees this week.

Besides heading Amazon Music as director, Malhotra has also worked with Sony Music India and Tips Industries in the past.

The net worth of Musk swelled to $282 billion, which is over $100 billion richer than Amazon founder Jeff Bezos, whose net worth is $183.6 billion.

Under the new rules, the European Commission has already taken on Alphabet units Google, Apple, Amazon, Meta, Microsoft, and Intel and imposed billions of euros in fines

Apple can have an edge over Amazon by stretching out the iPad to 15 inches, something that Gurman has reported that Apple is exploring previously too

Amazon not just faces an antitrust fine but was allegedly abusing its dominance in the market. This is the latest action against US Big Tech in the EU