Published 23:13 IST, October 28th 2019
Amazon India's e-commerce arm narrows FY19 loss to Rs 5,685 cr
Amazon Seller Services, the online marketplace arm of the e-commerce giant in India, has narrowed its loss to Rs 5,685 crore for 2018-19.
Amazon Seller Services, the online marketplace arm of the e-commerce giant in India, has narrowed its loss to Rs 5,685 crore for 2018-19. This is a 9.5 per cent decrease from the last financial year, when the company had posted a loss of Rs 6,287.9 crore, as per documents sourced by business intelligence platform Tofler. Amazon Seller Services saw revenues growing 55 per cent to Rs 7,778 crore in 2018-19 over the previous fiscal, it added. Coupled with its other entities in India, Amazon's losses in India in FY2018-19 were over Rs 7,000 crore.
8 per cent fall since the last financial year
Amazon Wholesale India - the B2B arm of the American e-commerce giant - reported its revenues for financial year 2018-19 as Rs 11,250 crore, an 8 per cent fall since the last financial year. The entity's loss, however, widened to about Rs 141 crore during the same fiscal, from Rs 131.4 crore in 2017-18. Amazon Pay India - its payments arm that competes with the likes of Paytm, Flipkart's PhonePe and Google Pay - recorded a manifold rise in losses. Its loss widened to Rs 1,160.8 crore in FY19 from Rs 334.20 crore in FY18, as per Tofler.
Jeff Bezos had committed investment worth USD 5 billion
The unit's revenues for the financial year 2018-19 more than doubled to Rs 834.5 crore over the previous fiscal. Amazon Transportation Services reported a 31 per cent rise in revenues at Rs 2,079 crore, while its net loss was at Rs 27.5 crore in 2018-19. Emails sent to Amazon India did not elicit a response. Amazon and its rival, Walmart-owned Flipkart have been pumping in millions of dollars across various operations like the marketplace, infrastructure and supply chain management as well as marketing and promotion. Amazon founder Jeff Bezos had committed investment worth USD 5 billion in the Indian market in 2016.
Updated 23:21 IST, October 28th 2019