Report: Amazon commits $2 billion to Indian market

Amazon is getting back in the game in India, reportedly investing $2 billion in the market, after it lost the acquisition of key local competitor Flipkart to Walmart in May. CNBC's Indian affiliate broke the news.

Why it matters: Amazon and Walmart are fighting for the upper hand in India, which is the fastest-growing e-commerce market in the world. Walmart took a big step when it out-bid Amazon for a majority stake in Flipkart, but Amazon's new investment — in addition to the $5 billion the company has already committed to India — tightens the race.