In the previous fiscal year Amazon’s total losses stood at Rs 4,854 crore
New Delhi: Amazon has narrowed its net losses in India by 28% to Rs 3,470 crore for the fiscal year 2023-24 compared to the previous fiscal year when the total losses stood at Rs 4,854 crore, data sourced from business intelligence platform Tofler showed.
The profit slump comes even as Amazon Seller Services Pvt Ltd, the flagship India unit of Amazon.com Inc, reported its revenues swelled 14% to Rs 25,593 crore compared to Rs 22,198 crore a year ago.
“The company’s total expenses for the fiscal were reported as INR 29,062 crore,” the business intelligence company said. Tofler data is accessed through the Registrar of Companies (RoC).
In India, Amazon operates an e-commerce marketplace that competes directly with its US rival Walmart Stores Inc. in the country. In 2018, Walmart acquired Amazon India’s rival Flipkart for $16 billion, to take the Seattle company head-on in the South Asian market that has seen rapid growth in e-commerce businesses.
Both Amazon and Flipkart last month concluded their annual flagship discounting events and both the companies reported robust sales during the pre-Diwali annual events.
