This website requires JavaScript.
Daily Briefing

Amazon posts losses in India

Nov 3, 2018 by The Passage Team
Amazon posts losses in India

Global ecommerce player Amazon’s India Unit, Amazon Seller Services, registered loss of close to a billion dollars for the fiscal year 2017-18, according to a Ministry of Corporate Affairs filing accessed by Inc42. Locked in an extended battle with homegrown ecommerce company Flipkart (now acquired by Walmart) for dominance in India, Amazon also posted a surge in its expenses for the financial year.

Amazon noted in its filings, “The company continues to invest in establishing infrastructure, opening new fulfilment centres, and technology advancement due to which company loss increased to $862.26 Mn (INR 6287.2 Cr). The company also continues to invest in launching new products and services for its customer and sellers. The company is confident in its future growth.”

In the same time period, the company’s expenses rise to $1.55 Bn (INR 11305.3 Cr), an increase of 39.4% from $1.1 Bn (INR 8087.2 Cr) recorded in the previous financial year.

Source: Inc42

The Passage Team

The Passage is committed to creating in-depth content over technology industry across Asia with a focus on emerging startups in the technology, healthcare, education, food, tech, travel & mobility segments.

Follow The Passage Team