Amazon shuts unit bought for â¹3,500 crore, cuts 260 jobs
Amazon has said it is shutting down its healthcare and baby products subsidiary Quidsi, which it had purchased for over â¹3,500 crore in 2011, and laying off about 260 employees in the process. The company cited lack of profitability as the reason behind the shutdown. Quidsi Co-founder Marc Lore's other venture Jet.com was sold to Amazon rival Walmart last year.