Amazon has invested Rs. 2010 crore into its Indian operations, according to a report from the Economic Times. This is said to be the single largest investment made by the US based company. The latest investment that was made in November, takes the total capital invested to over Rs 7,000 crore in the last 12 months.
The investment comes at a time when the competition between Amazon India and homegrown e-tailer Flipkart has become extremely fierce. According to ET sources, Amazon lost over Rs 1,000 crore in October on the back of special offers and discounts.
Amazon India spokeswomen told ET,
We will invest what it takes to become the customers’ preferred choice in India, and are encouraged that we are India’s largest and fastest-growing ecommerce marketplace. In an industry reportedly flat or negative, Amazon India has continued to show remarkable growth of over 100% this year.