Just a day after India’s biggest online retailer Flipkart has raised $1 billion fresh capital, e-commerce giant Amazon announced on Wednesday that they are going to invest $2 billion in India. 
Earlier Facebook and Uber had funding amounting to $1 billion. This makes Amazon funding the biggest in a single largest round by any Indian internet company globally. Founder and CEO of Amazon.com, Jeff Bezos said that the response from customers in India after their first year has so far surpassed their expectations. Bezos said that the growth of e-commerce has huge potential in India and Amazon team can continue to think big and innovate for customers in India. Since its launch in June last year, Amazon currently sells over 17 million products across 28 categories in its marketplace. Amazon has already heavily invested in logistics and marketing for creating network of warehouses across the country. It is competing with India’s number two online retailer, Snapdeal, in terms of sales, both selling $600 million worth of products this year. Flipkart has reached $1 billion in sales last fiscal and is expected to breach the $3 billion mark this fiscal Flipkart has already emerged as top Indian e-commerce website over the year and is expected to have a valuation of around $7 billion. The e-commerce site has raised about $1 billion funding from a group of investors including Naspers, Tiger Global and Singapore’s GIC. Former Amazon employees and Flipkart co-founders Sachin Bansal and Binny Bansal said that the latest capital funding would be used to for strategic investments in mobile technology e-commerce in India. The company estimates to have half-a-billion mobile users using internet by 2020.
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