Wednesday, July 30, 2014

Flipkart, Amazon Gear Up For Battle In India

India's largest e-commerce company, Flipkart and Amazon.com are gearing up for a big fight in the country of India, as the two said separately over the last two days that they are investing billions in e-commerce in the country. Flipkart--which was started by two, ex-Amazon executives--said this week that it raised $1 billion specifically to take on Amazon.com and eBay. Those funds came from Tiger Global Management, GIC, Morgan Stanley, and others. For its part, Amazon.com said today that it will invest $2 billion in India to specifically support rapid growth in the market. Amazon.com has only been in India for a year. Amazon said it is on its way to a billion dollars in gross sales in India, its fastest growth in any market.