Amazon brings $ 2 billion war chest to Indian e-biz operation

01st August 2014
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