Amazon will increase its planned investment in India to $26 billion by 2030, according to an announcement made by CEO Andy Jassy after he met with Prime Minister Narendra Modi. The move will involve adding an additional $6.5 billion on top of other previously announced investments.
While the latest investment wasn’t given a breakdown, Jassy and Modi reportedly discussed supporting Indian startups, creating jobs, enabling exports, digitization and empowering individuals and small businesses to compete globally, according to Reuters.
Amazon has reportedly planned to invest $12.9 billion through Amazon Web Services and another $6.5 billion to bolster its ecommerce business and help compete against Reliance Retail and Walmart’s Flipkart.
Amazon has been working toward becoming a major player in India since at least 2018, when it joined with Indian private equity firm Samara Capital to acquire More, an Indian supermarket and hypermarket chain, for $580.35 million. The ecommerce giant had launched a dedicated Hindi app in the country earlier in the year.
In 2020, Amazon became the official ecommerce sales channel for Future Retail Group, which operates six retail chains, including the popular hypermarket Big Bazaar, and which has more than 1,500 stores across India. In 2023, Amazon expanded its dedicated air cargo network, Amazon Air, to India, making the country the third market for the service after the U.S. and Europe.