REUTERS - Amazon.com Inc will invest an added $2 billion in India as the e-commerce giant ramps up business in the country, the company said on Wednesday, a day after local rival Flipkart announced a fresh round of funding worth $1 billion.
"With this additional investment of $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," Chief Executive Jeff Bezos said in a statement.
Amazon's Indian unit said earlier it will open five new warehouses in the country, which will almost double its storage capacity to half a million square feet -- all steps to help the company gain a better foothold in India's growing e-commerce industry.
(Reporting by Nivedita Bhattacharjee in Mumbai; Editing by Gopakumar Warrier)