Business

Amazon to invest $2B more in India to compete with Flipkart’s new $1B funding

Above: Amazon CEO Jeff Bezos

Amazon is doubling down on India a day after Indian e-commerce giant Flipkart announced a $1 billion raise. Amazon announced today it’s investing $2 billion in the region.

“We see huge potential in the Indian economy and for the growth of e-commerce in India. With this additional investment of $2 billion, our team can continue to think big, innovate, and raise the bar for customers in India,” CEO Jeff Bezos said in a press release.

Amazon and Flipkart are in a fierce race for India’s e-commerce market, and the companies are almost identical in their offerings. Amazon boasts 17 million products, while Flipkart lags behind with closer to 10 million products, according to the Business Standard. Both have one-day shipping, and when Amazon launched a smartphone in June, Flipkart followed suit.

However, Amazon has quickly overtaken the market since launching Amazon.in just a year ago.

The $2 billion investment from Amazon seems like a power move to let its India-based competitors know who’s boss.

More information:

Amazon.com, Inc. (NASDAQ: AMZN), a Fortune 500 company based in Seattle, opened on the World Wide Web in July 1995 and today offers Earth's Biggest Selection. Amazon.com, Inc. seeks to be Earth's most customer-centric company, where cu... read more »

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