Amazon brings $ 2 billion war chest to Indian e-biz operation
Bangalore, August 1, 2014: Global e-commerce leader, Amazon has announced its intention of pumping $ 2 billion into the India end of its business which is already the country's largest store with over 17 million products on offer.
Founder-CEO Jeff Bezos says: “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."
The Amazon announcement comes just a day after the leading Indian owned e-biz operation Flipkart announced that it had received $ 1 billion in additional funding. 'Morning after' analysis in Indian business media generally sees this as good for the customer: "You'll profit from fight between Bezos and Bansals": Economic Times