Amazon challenger Jet.com set for $500m investment

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An Amazon wannabe has just received a $350m cash infusion, and expects another $150m shortly, according to Bloomberg. Jet.com, an e-commerce start-up launched in July, was set up by a former Amazon executive and aims to undercut its rival to boost its customer base. Investors include Ailbaba and Fidelity Investments, and it has been valued at about $1bn following initial investments. Based in New Jersey, it plans to offer unique ways for shoppers to get discounts, a strategy it believes is cheaper than advertising in finding new customers.