Soon after Flipkart announced that it has secured $1 billion in latest funding, Amazon has revealed that it is investing $2 billion in India. The e-commerce firm stated that the funds would be used to support its rapid growth and continue to enhance the customer and seller experience in India.
“After our first year in business, the response from customers and small and medium-sized businesses in India has far surpassed our expectations. We see huge potential in the Indian economy and for the growth of e-commerce in India. With this additional investment of US $2 billion, our team can continue to think big, innovate, and raise the bar for customers in India. At current scale and growth rates, India is on track to be our fastest country ever to a billion dollars in gross sales. A big ‘thank you’ to our customers in India – we’ve never seen anything like this.”
said Jeff Bezos, founder and CEO of Amazon.com in an official release.
Amazon stirred the Indian e-commerce market with its entry last year. The company claims that it has over 17 million products from a continually growing base of thousands of small and medium-sized businesses. Earlier this week, Amazon announced that they are opening five more fulfillment centers in India.