Amazon is looking to significantly increase its presence in India. Citing "two people directly familiar with the company's decision," ET Tech reports that Amazon will bring its Prime service to India later this year. In addition to launching its subscription-based video and music service, Amazon is apparently readying a $5 billion war chest to take on rival e-commerce stores Flipkart, Snapdeal and PayTM.

Flipkart has raised nearly $3 billion in funding, with Snapdeal snapping up nearly $1 billion over six funding rounds since 2011. Amazon India received a $2 billion investment during Jeff Bezos' visit to the country last year, and the latest cash influx is said to focus on growing India into Amazon's largest market outside the US:

Our biggest financial backer (Amazon founder Jeff Bezos) doesn't need a fresh pitch while deciding every new investment we are really long on India, investment figures are easily in multiples of billion dollars

Launching Prime would entail bringing Prime Instant Video, Prime Music and the unlimited photo sharing service Prime Photos to India, with Amazon looking to partner with local content publishers to include regional content in the service.

Amazon has steadily gained traction in India over the last two years. While it isn't the number one in terms of overall revenue, it is the highest-trafficked e-commerce site in the country.

Source: ET Tech