The company plans to pour $1 billion into small businesses in the country over the next five years, CEO Jeff Bezos said Wednesday at a company event in New Delhi.Amazon wants to help manufacturers, resellers, shops and brands in the country, according to Bezos. More than 550,000 sellers use the Amazon India marketplace, and more than 60,000 Indian manufacturers and brands export products to customers worldwide using the company’s platform.By helping those businesses, Amazon projects that it can bring more than 10 million local business online by 2025. Bezos also said the investment could help traders export $10 billion in Indian-made goods in the next five years, bolstering Indian Prime Minister Narendra Modi’s campaign to “Make in India.”
Amazon’s $1 billion-dollar pledge is the latest move by the company in its battle for apiece ofthe vast economy.Amazon has already committed more than $5 billion to growing its business in India.The Seattle-based e-commerce giant has been lockedfor years in a fierce battle with Flipkart for dominance in India’s online retail market, which is projected to be worth $200 billion by 2027. The broader retail market is already estimated to be worth more than $670 billion.Walmart (WMT) bought Flipkart for $16 billion in 2018, and has since retained a leading position in the local e-commerce sector.Amazon has also been trying to grow its physical presence in the country to fend off rivals. Last week, it announced a deal with Future Retail, an Indian company with an extensive network of stores nationwide. That partnership will make Amazon the official online channel for hundreds of outlets, and also allow customers to pick up products they order on Amazon from its shops.