Amazon India has kept its promise, made in June this year, to invest around $5bn in India and has now doubled its investments to $4.74bn to combat rival Flipkart.
According to regulatory filings with the Registrar of Companies on Tuesday, Amazon India has already issued paid-up capital of Rs17,839 crore ($2.7bn) towards its marketplace arm Amazon Seller Services.
An Amazon India spokeswoman told Mint, “As India’s largest and fastest growing e-commerce player, and with a long-term commitment to make e-commerce a habit for Indian customers, we continue to invest in the necessary technology and infrastructure to grow the entire ecosystem."
"We are delighted and humbled by the trust from our customers, to lead in India on things that matter to our customers in over four years of our business while continuing to launch innovative India-first initiatives as well as completely new offerings like Echo, Prime and Prime Video.”
Flipkart and Amazon India both recently announced that their respective Android mobile applications have reached 100 million downloads on Google Play Store. However, despite impressive numbers by Amazon and Flipkart, app downloads is just a buzzword metric.