Amazon Seller Services, the India online marketplace unit of e-tail giant Amazon, saw its losses widening to Rs 5,849.2 crore for 2019-20 fiscal from the previous year as expenses grew over 25 per cent, as per regulatory documents.
Amazon Seller Services had recorded a net loss of Rs 5,685.4 crore in FY19. Its revenue, however, grew 43 per cent to Rs 10,847.6 crore in FY20 from Rs 7,593.5 crore in FY19, according to a report by news agency PTI.
“The company revenue grew by 43 per cent compared to the last financial year. The company continues to invest in opening new fulfillment centres, and technology advancement,” according to Registrar of Companies filing shared by market intelligence firm Tofler.
As per the filing, Amazon Seller Services saw its total expenses rising over 25 per cent from Rs 13,463.1 crore in FY19 to Rs 16,877.1 crore in FY20.
Employee benefit expense increased to Rs 1,382.9 crore (from Rs 1,183.3 crore), while finance cost rose to Rs 108.2 crore in FY20 (from Rs 15.5 crore in FY19).
The ‘other expenses’ component was at Rs 13,296.3 crore in FY20 as against Rs 10,802.5 crore in FY19. Within this, the company spent Rs 2,640.3 crore in FY20 under ‘advertising promotional expenses’ as against Rs 2,330.7 crore in FY19.
Amazon Seller Services said it continues to invest on launching new products and services for its customers and sellers.
“The company is confident on its future growth,” it said. The regulatory filing noted that Amazon Seller Services has received over Rs 8,400 crore in fund infusion during FY20 in three tranches.
Representative Image | Credit: File
Must Read
