Source: Benzinga Feeds
At the inaugural Amazon Smbhav summit in New Delhi on Wednesday, Jeff Bezos announced that the e-commerce giant will invest $1 billion over the next five years to digitize micro and small businesses across India and help them “reach more customers than ever before.” Bezos’ announcement came a day after the Indian government slapped the company with an antitrust probe following allegations of Amazon.com, Inc. ‘s (NASDAQ: AMZN ) anticompetitive practices leveled by the Confederation of All India Traders (CAIT). The antitrust probe, which also has hit Amazon’s Indian rival Flipkart (now owned by Walmart), will investigate the discounts that the companies offer and the promotion of private labels on their respective marketplaces. Neither Bezos nor Amit Agarwal, the head of Amazon India, addressed these concerns at the Smbhav summit, designed to bring more than 3,000 small businesses together to foster synergy between sellers within the Amazon ecosystem. Over the years, Amazon India has accrued more than 500,000 sellers in the country and also accounts for thousands of sellers on Amazon marketplaces outside India.