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Singapore’s GIC invests in India’s Flipkart, Amazon counter-invests US$2 billion in India

Zafar Anjum | July 31, 2014
Indian e-commerce company Flipkart raises US$1 billion from Tiger Global, Naspers, Singapore’s GIC & others venture funds

Amazon declares war, announces additional US$2 billion investment in India

A day after Flipkart announced its US$1 billion funding, Amazon has announced plans to invest an additional US$2 billion in the Indian market, according to a report on NDTV.

Amazon said it would use the funds "to support its rapid growth and continue to enhance the customer and seller experience in India."

"After our first year in business, the response from customers and small and medium-sized businesses in India has far surpassed our expectations," said Jeff Bezos, founder and CEO of Amazon.com. "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."

Amazon has said it will open five more fulfilment centres in India, in view of the rapid growth in business.

 

 

 

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