Online Trading India

Mutual Funds

Share Market
Credit Card

Amazon CEO Jeff Bezos Thanks Indian Customers, Promises To Continue Investing To Beat Flipkart

The planet’s second-richest man Jeff Bezos said on Thursday that Amazon India is the country’s most popular Web marketplace, signaling the Seattle giant’s intent to invest billions more to win the leadership race in the $16-billion online shopping industry.
The performance in India was the hallmark of the Amazon CEO’s post-result comments that happened to be his first on the country’s Internet marketplace after local rival Flipkart recently raised $1.4 billion from a raft of strategic investors, including eBay Inc. Flipkart is currently ahead of Amazon India on the value of goods sold through its platform.

“We’re grateful that customers are responding — is the most visited and the fastest growing marketplace in India. It’s still Day 1 for ecommerce in India, and I assure you that we’ll keep investing in technology and infrastructure, while working hard to invent on behalf of our customers and small and medium businesses in India,” Bezos said.
His remarks come amid Amazon’s persistent spending in India to outrun Flipkart in the leadership race. Amazon’s first-quarter earnings beat Wall Street expectations and sent shares surging to a record. But losses in Amazon’s international business increased about four times to $481 million in the quarter, primarily because of the expenses in India. Amazon had reported a similar increase in losses in its international business in the previous quarter as well.

'; };
(Visited 77 times, 1 visits today)