Amazon India Units Trims Losses, Posts Moderate Revenue Growth In FY24

This story was first published on the Benzinga India portal.

In the fiscal year 2024, Amazon AMZN India units have witnessed moderate growth and have reduced their losses, according to a recent report.

What Happened: Amazon India’s units have seen moderate growth and have significantly reduced their losses in the fiscal year 2024, the Economic Times reported. The company’s arm, Amazon Transportation Services, saw its operating revenue increase 7.6% to ₹4,889 crore in FY24. It reduced its losses to ₹80 crore from ₹86 crore in the previous year.

Amazon Wholesale’s operating revenue fell to ₹3,577 crore from ₹3,600 crore in the previous year. The wholesale unit had scaled back operations after regulations around foreign direct investments had been tightened for e-commerce companies owned by foreign firms. The arm’s net loss reduced to ₹342 crore from ₹612 crore in FY23.

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Amazon Pay’s operating revenue went up to ₹2,286 crore in FY24 from ₹2,136 crore in FY23 while its net loss narrowed to ₹911 crore from ₹1,494 crore.

Amazon had invested ₹850 crores in FY23 and ₹600 crores in May into Amazon Pay to prepare it for competition against Paytm, PhonePe and Google Pay.

Amazon Pay had processed 7.09 crore UPI transactions as of September 2024 becoming the seventh largest UPI player in transaction volumes. PhonePe, Google Pay, Paytm, Cred, Navi and Axis Bank apps lead in terms of UPI volumes.

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Disclaimer: Artificial intelligence was used as a secondary aid in the writing of this story.