Amazon founder and CEO Jeff Bezos announced in Washington this week, at an event attended by Indian Prime Minister Narendra Modi, that Amazon would be dramatically increasing its investment in India.
Bezos told the gathering: “I am pleased to announce today that Amazon will invest an additional $3 billion on top of the $2 billion investment we announced in 2014 to bring our total committed investment in India to over $5 billion.”
It’s a long term punt that is unlikely to reap returns any time soon. At the moment ecommerce is relatively small in India and there are infrastructure issues that will stifle its growth. But it’s also a massive market and will likely become a valuable territory in the years to come and Amazon has proved that it knows the value of making advance investments in the hope of a long-term return. Watch this space.
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I would be intrigued to know if anyone has been able to register without an Indian mobile number!? Also, is an Indian bank account mandatory? Thanks :).