Amazon CEO Jeff Bezos in India: Amazon’s $1 billion gift to SMEs to help small businesses step into digital era

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Updated: January 15, 2020 6:37:34 PM

Amazon CEO Jeff Bezos India Visit: Amazon's Jeff Bezos India Visit:Amazon CEO Jeff Bezos on Wednesday announced a bonanza for India's small and medium businesses, which could help local entrepreneurs step up their digital presence and broaden market opportunities.

Amazon Jeff Bezos, Jeff Bezos in IndiaAmazon will help export billion worth of goods made by Indian SMEs by 2025.

Amazon’s Jeff Bezos India Visit: Amazon CEO Jeff Bezos on Wednesday announced a bonanza for India’s small and medium businesses, which could help local entrepreneurs step up their digital presence and broaden market opportunities. Jeff Bezos, on a visit to India, said at an event that e-commerce giant Amazon will invest $1 billion to help digitise Indian SMEs. “21st century will be Indian century and the biggest alliance between India and the US,” said Jeff Bezos. However, Bezos did not mention any timeline for this investment. The company has so far invested $5.5 billion in the country.

Jeff Bezos’ three-day visit to India is marked with protests from sellers on its platform, which have complained about Amazon’s anti-competitive pricing practices. India’s competition regulator has opened a probe into Amazon’s selling practices, following the complaints. However, Jeff Bezos sought to assure the protesting sellers, by saying that Amazon will help take their goods to global customers. The company will help export $10 billion worth of goods made by Indian SMEs by 2025, he said. Amazon’s support to Indian exporters would support Prime Minister Narendra Modi’s ambitious ‘Make in India’ programme.

Also read: Narayana Murthy teaches Jeff Bezos lesson after Amazon event delay; cuts speech short

Amazon is already allowing small Indian manufacturers to sell their goods across 12 marketplaces in the world. Moreover, the company has clocked $1 billion through cumulative exports under its Global Selling programme and it expects the amount to hit $5 billion mark by 2023. “Through the Amazon Global Selling program, we have had the opportunity to assist 50,000 MSMEs across India to showcase over 150 million products to customers in more than 180 countries,” Abhijit Kamra, Director- Global Trade at Amazon India had earlier said.

Also read: Jeff Bezos’ reply to protestors: Will sell your goods abroad; Amazon to take ‘Make in India’ global

Amazon is hosting a two-day event ‘Sambhav’ in New Delhi starting January 15. Meanwhile, the e-commerce giant has recently infused Rs 1,715 crore ($242.19 million) in fresh capital in two of its India entities — Amazon Pay India and Amazon Wholesale (India). While Amazon Pay received Rs 1,355 crore, Amazon Wholesale got Rs 360 crore in funding, according to RoC filings sourced from business signals platform, Paper.vc.

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