▲ Up
02:54 28-11-2015
MAIN АКИpress CA-News
About us On-line subscription
Indian online retailer Flipkart raises $1 billion

Bishkek (AKIpress) - Online retail giant Amazon.com Inc. said Wednesday that it will invest $2 billion in the Indian market to expand its operations in the country’s rapidly growing e-commerce segment.

Although the Seattle-based company did not say when it would begin the fund flow, Amazon's announcement comes a day after Flipkart, which is India's largest online retailer, said it raised $1 billion from various investors. Amazon, which also faces competition from California-based eBay Inc. in India, is trying to gain a toehold in India's $2.3 billion e-commerce market.

"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,” Jeff Bezos, founder and CEO of Amazon.com, said in a statement Wednesday, adding: “At current scale and growth rates, India is on track to be our fastest country ever to a billion dollars in gross sales.”

Amazon, which offers over 17 million products across 28 categories in India, also said in the statement that its Indian operations have exceeded the company's expectations from the market. The online retail giant allows other businesses in India to sell their products through its website as it is not allowed to sell directly to the customers, due to India’s policies governing foreign online retailers. And, the company’s third-party merchants have increased to 6,500 from 100 a year ago, Mint, a local newspaper reported.

Last year, Amazon generated sales worth nearly $75 billion, of which nearly 40 percent was driven by its operations in Germany, Japan and UK. However, the company, which has struggled in the Chinese market, posted a loss of $126 million in the June quarter, and is working to generate half of its sales from outside North America, according to Mint.

Amazon had said Monday that it will open five new warehouses in India, a move that would double the company’s storage capacity to half a million square feet. Amazon entered the Indian market in 2012 with the launch of Junglee.com, a website that helped Indian retailers reach out to their target audience by advertising for free on the site.

16:40 30.07.2014
17:58 Speaker of Mongolian Parliament receives Russian Ambassador17:47 Morin khuur concert to be held this weekend in Ulaanbaatar17:33 Turkish SosyalBen Association holds special training for Mongolian children17:16 Ulaanbaatar builds new kindergarten17:04 Mongolia's Khentii Got Talent 2015 kicks off today17:02 Expo for women starts next week in Ulaanbaatar17:00 President Atambayev reported on combat readiness of Armed Forces16:55 Amgalan thermal power plant opened in Ulaanbaatar16:54 New table tennis club opened in Ulaanbaatar16:52 Kyrgyz, Kazakh parliament speakers discuss migrant issues16:43 Several herders of Mongolia request loans for cattle exchange options to reach governmental forage reserves16:38 Member of Ulaanbaatar City Council publicly apologizes for defaming city mayor16:32 Minister of Foreign Affairs of Mongolia visits Switzerland16:31 Kazakh, Kyrgyz tax authorities create 2 groups for administration of indirect taxes on movement of goods16:18 Border guards of Issyk-Kul region find cache of drugs and weapons16:17 Elbegdorj vetoes resolution on changes to judicial system16:08 Arrest imposed on accounts of Huawei Technologies for overestimation of work on fiber optic link Osh-Irkeshtam for $ 2.7 million15:49 Tajik government proposes compulsory medical examination before marriage14:55 Tens of thousands of students protest in Nepalese capital14:31 International human rights organizations urge Uzbek authorities to release arrested human rights defender Uktam Pardayev
° C
° C
° C
° C
° C
exchange rates

© AKIpress News Agency - 2001-2015. All rights reserved
Republication of any material is prohibited without a written agreement with AKIpress News Agency. Any citation must be accompanied by a hyperlink to www.akipress.com.
Our address:
Moskovskaya str. 189, Bishkek, the Kyrgyz Republic
e-mail: english@akipress.org, akipressenglish@gmail.com;
Tel/Fax: +996(312)90-07-75