Amazon Inc's (NASDAQ:AMZN) Indian arm has set a $20 billion target for cumulative exports by 2025 from its platform in the country.
What Happened: Speaking at the launch of Amazon Exports Digest 2022, Amazon senior VP for India and emerging markets Amit Agarwal said, "Excited by the momentum in businesses joining the global selling program and by the growing demand for Made in India products across the world, I am super excited to announce that we are doubling down and raising our pledge to enable $20 billion in cumulative exports by 2025."
This is a significant rise over the company's 2020 target to facilitate exports worth $10 billion by 2025. The company said it is on track to surpass $5 billion in cumulative exports so far.
"Importantly, the program took about 3 years to enable the first billion dollars in exports, while the last 2 billion have come in just 17 months," Agarwal added.
Amazon launched its e-commerce export program Global Selling in 2015, and it has over 100,000 exporters.
The Jeff Bezos-founded company has been doubling down on its investments in India. It also recently opened a new office in Chennai. Despite the rising competition from peers like Mukesh Ambani-owned Ajio and Walmart Inc's (NYSE:WMT) Indian arm Flipkart — Amazon continues to hold the largest share of the market.
Price Action: According to data from Benzinga Pro, Amazon shares closed 0.20% lower on Tuesday.
