Amazon continues Indian expansion

|By:, SA News Editor

Amazon (NASDAQ:AMZN) says it will invest $2B to expand business in India as competition in the country heats up. The funds will build on Amazon's Monday announcement which stated an investment of five new warehouses in India.

"We see huge potential in the Indian economy and for the growth of e-commerce in India," says CEO Jeff Bezos.

The statement comes just one day after rival Flipkart raised $1B in new funding towards its own expansion.