According to reports, US e-commerce giant Amazon has pumped in over Rs 11,400 crore during FY2019-20 across in India. The investment has been done to bolster its position in the country’s burgeoning digital commerce market.
Amazon Wholesale (India), Amazon Pay (India) and Amazon Transportation Services saw their losses adding up to Rs 7,899 crore in FY20 as against a loss of Rs 7,014.5 crore in the preceding fiscal.
Amazon Seller Services, Amazon Wholesale (India), Amazon Pay (India) and Amazon Transportation Services had registered losses in FY20 at Rs 5,849.2 crore, Rs 133.2 crore, Rs 1,868.5 crore and Rs 48.1 crore, respectively.
The e-commerce giant, which has been investing millions of dollars towards promotions, building infrastructure and logistics as it woos customers to shop online, has seen its losses mount on account of higher expenses.
In response to a detailed query sent to the company, an Amazon India spokesperson said: “We continue to be invested in India with a long-term view enabling customers in India to enjoy the ease and convenience of e-commerce and other digital products and services.”
In January this year, Amazon founder Jeff Bezos had announced over Rs 7,000 crore investment in India to help bring small and medium businesses online.