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In a recent turn of events, Amazon Seller Services, the Indian online marketplace unit of American multinational e-commerce and technology company Amazon.com Inc. has reportedly broadened its after-tax losses from USD 77.62 million to USD 79.4 million in the fiscal year 2020.
However, the organization’s revenue has expanded by 43% from USD 103.18 million to USD 147.4 million in the same timeframe.
It is to be noted that the e-commerce giant, along with its major rivals Myntra and Flipkart, amassed significant revenue from the successful festive season sales in 2020. India’s online festive sale, which was held in October and November this year, recorded gross sales of around USD 8.3 billion.
If reports are to be believed, Amazon witnessed a 25% spike in its expenses and spent around USD 182.95 million in 2019 and USD 229.34 million in 2020.
As per regulatory filings, the company’s investments were primarily directed towards technological advancements and establishment of new fulfillment centers.
Sources close to the matter claimed that the company’s employee benefits expenses rose from USD 16.07 million to USD 18.7 million while finance costs increased from USD 2.1 million in 2019 to USD 14.7 million in 2020. It is also worth mentioning that Amazon had reportedly spent USD 31.67 million on advertising.
In other developments, Amazon is fighting a legal battle against Indian conglomerate company, Future Group, over the latter’s asset sale deal worth USD 335.8 million with Reliance Industries Limited.
Amazon Seller Services has received three fund infusion transactions totaling up to USD 114.14 million, as cited by credible sources.
Source credits- https://www.moneycontrol.com/news/business/amazon-indias-e-commerce-unit-loss-widens-to-rs-5849-2-crore-in-fy20-revenue-up-43-6269341.html
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