Amid strong competition from Flipkart, Amazon is said to have invested another Rs 1,350 crore ($200 million approximately) in its Indian operations. The investment is likely to help Amazon India expand its business and beef up its existing services in the country. This investment was revealed last month via documents filed with the Registrar of Companies, ET reports. Also Read - You can now ask Alexa to find nearest COVID vaccine or testing centreAlso Read - Massive Rs 2,000 flat discount on Xiaomi Mi 11X: Check the mouth-watering deal on Amazon
The information comes after Amazon reportedly invested Rs 1,696 crore in December last year, and Rs 1,980 crore in February this year. This also takes the total investment in Amazon India to around Rs 8,618 crore since the beginning of last year. Also Read - Amazon Great Freedom Festival sale to kick off on August 5: Deals, discounts and offers
While Flipkart is the market leader, reports say that Amazon India has been making up ground fast. After three years of its launch, Amazon India is estimated to be a third of the size of Flipkart. It has recorded a 250 percent growth in its seller base, and was also crowned as the most visited e-commerce site in India twice last year.
Speaking at the Code Conference, Amazon boss Jeff Bezos applauded the Indian team for doing ‘an amazing job’. “I asked them to be fast-acting cowboys, instead of calm clear-headed computer scientists. They took those instructions and have done an amazing job,” Bezos said.
The investment also comes on the eve of Amazon completing three years of operations in India. According to reports, Amazon plans to celebrate the occasion by launching its Prime service in India. Prime, first introduced in the US, is basically a subscription-based service that offers users with benefits like free two-day shipping with no minimum order size, unlimited streaming of movies and videos on Amazon Instant Video, and a service called Kindle Owners Lending Library, wherein Kindle owners can borrow one free e-book from Amazon s library.
There is currently no word on an official launch date or the subscription rates for India. Amazon’s Prime membership in the US is priced at $99 (approximately Rs 5,946) per year and a discounted $39 (approximately Rs 2,342) for students.