Amazon To Invest $2 Bn In India; On Track To Hit $1 Bn Sales


NEW DELHI: Upping its ante in India's fiercely competitive online shopping space, e-commerce giant Amazon today said it will invest USD 2 billion in the country to grow the business in a market that is dominated by homegrown players like Flipkart and Snapdeal.

The US-based firm's announcement comes less than 24 hours after rival Flipkart announced raising a whopping USD 1 billion funding, the largest in the e-commerce space in India.

Amazon, which launched its marketplace in India last year, said the country is one of its fastest growing markets and is on track to touch USD 1 billion in gross sales.

It will invest an additional USD 2 billion to support its rapid growth and continue to enhance the customer and seller experience in India, Amazon said in a statement.

"After our first year in business, the response from customers and small and medium-sized businesses in India has far surpassed our expectations," said Jeff Bezos, founder and CEO of Amazon.Com.

The company sees huge potential in the Indian economy and for the growth of e-commerce, he added.

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Source: PTI