NEW DELHI: Amazon will invest $2 billion in India to expand retail business in a market is dominated by local private companies.
The US-based firm's announcement comes less than 24 hours after rival Flipkart announced raising a whopping $1 billion funding, the largest in the e-commerce space in India, Press Trust of India (PTI) said Wednesday.
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 $1 billion in gross sales.
It will invest an additional $2 billion to support its rapid growth and continue to enhance the customer and seller experience in India, Amazon said in a statement.
Commenting on the decision, founder and CEO of Amazon.com Jeff Bezos said, "After our first year in business, the response from customers and small and medium-sized businesses in India has far surpassed our expectations." (QNA)