Amazon, the world's biggest online retailer, announced Wednesday that it will invest an additional 2 billion dollars to expand in India, where competition is heating up, according to dpa. The move came a day after Flipkart, India's largest online retailer, announced that it had raised a record 1 billion dollars, the most ever by an Indian internet company in a single round. Amazon said its investment would support its rapid growth and enhance the customer and seller experience in India. "We see huge potential in the Indian economy and for the growth of e-commerce in India. We this additional investment of 2 billion dollars, our team can continue to think big, innovate, and raise the bar for customers in India," Amazon chief executive Jeff Bezos said. Amazon launched its India operations in June 2013. "After our first year in business, the response from customers and small and medium-sized businesses in India has far surpassed our expectations," Bezos said. "At current scale and growth rates, India is on track to be our fastest country ever to a billion dollars in gross sales," he said. The size of India's e-commerce market in 2013 was around 13 billion dollars, according to local media reports. It is expected to reach 50-70 billion dollars by 2020.
