Amazon's Jeff Bezos bets on India with $3 bn investment

June 8, 2016

Amazon chief executive Jeff Bezos has pledged to invest $3 billion in India, in a big bet on the growth of online shopping in the fast-growing South Asian economy.

Speaking in Washington DC as India's Prime Minister Narendra Modi visits the United States, Bezos told a gathering of leaders that he saw "huge potential" in India.

The , announced Tuesday, comes on top of $2 billion Amazon invested in India in 2014, and will boost Modi's campaign to attract foreign cash to create much-needed jobs.

"We have already created some 45,000 jobs in India and continue to see huge potential in the Indian economy," Bezos said at the US-India Business Council meeting, according to a statement from the group.

"Our Amazon.in team is surpassing even our most ambitious planned milestones," he said.

Amazon has made steady inroads in India since entering the cut-throat, rapidly growing e-commerce market in 2013.

But it faces stiff competition from local rivals Snapdeal and Flipkart, which have attracted billions of dollars in overseas investment.

E-retailers in India, including Amazon, typically adopt a "marketplace" structure, acting as technological platforms that connect buyers and sellers rather than stocking their own products.

The government in March set new rules for foreign investment in online marketplaces, including allowing up to 100 percent foreign ownership.

India's e-commerce market was worth about $23 billion in 2015, according to business body Assocham.

Explore further: Amazon to invest $2 bln to expand in India

Related Stories

Blow for Apple as India sticks to retail rules: report

May 25, 2016

Apple faces a roadblock in its quest to open stores in India after the finance minister decided it must comply with tough local sourcing rules, a report said Wednesday, days after a visit by chief executive Tim Cook.

Apple chief Tim Cook meets Indian PM Modi

May 21, 2016

Apple chief executive Tim Cook met with Prime Minister Narendra Modi in New Delhi Saturday, launching a new version of the Indian leader's eponymous app on a visit aimed at pushing the technology giant's expansion plans.

India's multi-billion dollar e-commerce battle heats up

August 5, 2015

The battle for supremacy in India's bulging e-commerce market between Amazon, Flipkart and Snapdeal is rapidly heating up with multi-billion-dollar investments, trolling on Twitter and squabbling over exclusive selling rights.

Recommended for you

Enhancing solar power with diatoms

October 20, 2017

Diatoms, a kind of algae that reproduces prodigiously, have been called "the jewels of the sea" for their ability to manipulate light. Now, researchers hope to harness that property to boost solar technology.

0 comments

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.