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Sat, 29 Feb 2020

Northeast Today

Amazon India doing ‘extremely well,’ says founder Jeff Bezos

Amazon India doing ‘extremely well,’ says founder Jeff Bezos
November 18
12:45 2019

NET Bureau

E-commerce giant Amazon founder and CEO, Jeff Bezos, has said that the company is doing “extremely well” in India, while expressing hope for regulatory stability in the country.

Bezos’ remarks came in response to a question on Amazon’s concerns over some Indian policies with regard to digitisation.

“Regulatory stability is the thing that we would always hope for India. Whatever the regulations are … they are stable in time and that’s one of the things we’re hoping will now be true. We’ll see,” Bezos, 55, told reporters on the sidelines of his induction into the National Portrait Gallery here on Sunday.

Bezos said that his e-commerce company was doing very well in India and the head of his India operations Amit Agarwal saying, was doing his job really well.

“Our business in India is doing extremely well. It’s growing very rapidly,” Bezos said.

Amazon is investing over Rs 4,400 crore (over USD 600 million) in its various units in India including marketplace and food retail to give a tough competition to its arch-rival Walmart backed, Flipkart.

Following its war against Flipkart, the US-based giant has registered cumulative losses of over Rs 7,000 crore across various units in 2018-19. Bezos had committed investment worth USD 5 billion in the Indian market in 2016.

Both, Flipkart and Amazon have been pumping millions of dollars across various segments as they eye for the top position in the Indian e-commerce marketplace.

Source: The Statesman

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