▲ Up
 
08:21 05-08-2015
MAIN АКИpress CA-News
About us On-line subscription
KazakhstanTajikistanUzbekistanKyrgyzstanTurkmenistanMongoliaWorld
POLITICSBUSINESSINCIDENTSSOCIETYCULTURESPORTANALYSISSCIENCE
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.


Twitterfacebookprint
16:40 30.07.2014
LATEST NEWS
07:41 President Nazarbayev ratifies agreement on Kyrgyzstan's Eurasian Economic Union accession18:20 Kyrgyz citizens use guns, Molotov cocktails against Tajik citizens – Tajik Border Troops18:06 China-Mongolia-Russia forum on trade and economic cooperation to kick off on August 2017:54 Afghan Taliban deny 'propaganda' about succession crisis17:40 Portugal’s Global Trade and Investment Agency plans to open office in Astana17:36 Interdepartmental working group established to resolve conflict on Kyrgyz-Tajik border17:21 Danger of mudflow remains in Almaty region17:16 270 cars account for 1,000 Kazakhstanis17:07 Three illegal migrants from Uzbekistan live in forest of Perm region17:01 Situation escalates on Kyrgyz-Tajik border, stones thrown into local government officials (updated)16:44 First CNG bus presented in Uzbekistan16:43 Mongolian government adopts rules for public procurement management16:33 Mediterranean migrant deaths pass 2,000 – IOM16:28 Heads of Border Services of Kyrgyzstan, Tajikistan agree on joint actions in case of border situation escalation16:15 Anonymous social network for daughters-in-law created in Kazakhstan16:10 Director General of Sky Mobile (TM Beeline) suspended from office16:08 Azerbaijan, Uzbekistan plan to increase trade turnover16:06 Biometric registration can’t guarantee clean elections – civil society activist16:02 Collection of judiciary cases to be prepared for Astana International Financial Center15:39 Kazakh NGOs state their active involvement in public life
Astana
+27° C
Ashgabat
+41° C
Bishkek
+38° C
Dushanbe
+33° C
Tashkent
+38° C
exchange rates
 
67.37
61.40
9.84
0.98
205.65
187.45
30.19
3.00
6.85
6.26
1.01
0.12
2710.18
2512.73
405.44
50.01
3.84
3.50
0.56
0.06

© 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