Amazon’s losses in India more than doubled to Rs 3,572 crore during the year ended March 16 as it stepped up its investments to topple Indian e-commerce major Flipkart, as the top retailer in the country.
The company has invested in establishing infrastructure, opening new fulfillment centers and technology advancement due to which its losses increased to Rs 3,572 crore, documents show.
Despite this, Amazon is also investing on launching new products and new services for its customer and its sellers and is confident on its future growth.
The increase in losses from Rs 1,723 crore in the previous financial year indicates that Amazon Seller Services, which earns revenues from commissions and other services to sellers, lost $44 million or about Rs 300 crore per month during the last financial year.
Amazon Seller Services also saw its revenues jump 123 per cent to Rs 2,275 crore for the year as well, even as total losses for the unit since it was set up mushroomed to Rs 5,637 crore at the end of FY16.