Amazon Seller Services loss at Rs 5,849.2 cr in FY20

Amazon Seller Services loss widens to Rs 5,849.2 crore in FY20

Amazon Seller Services had recorded a net loss of Rs 5,685.4 crore in 2018-19

Amazon. Credit: Reuters Photo

Amazon Seller Services, the India unit of US e-tail giant Amazon, saw its losses widening to Rs 5,849.2 crore for 2019-20 fiscal from the previous year, according to regulatory documents.

Amazon Seller Services had recorded a net loss of Rs 5,685.4 crore in 2018-19, according to Registrar of Companies filing shared by market intelligence firm Tofler.

Its revenue from operations grew from Rs 7,593.5 crore in financial year 2019 to Rs 10,847.6 crore in financial year 2020, it added.

"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," the filing said.

Emails sent to the company did not elicit a response.

Amazon Seller Services said it also continues to invest in launching new products and services for its customers and sellers.

"The company is confident on its future growth," it said.

The filing pointed out that Amazon Seller Services has received over Rs 8,400 crore in fund infusion during financial year 2020 in three tranches.

Amazon Corporate Holdings Private Limited and Amazon.com.incs Limited were issued shares of Amazon Seller Services worth Rs 2,800 crore in May and Rs 3,400 crore in October last year, and Rs 2,208.01 crore in January this year, as per the document.

In June this year, the two entities were issued shares worth about Rs 2,310 crore in June and Rs 1,125 crore on September 17, 2020, it added.

"Your board of directors approved issuance of 92.5 crore equity shares of Rs 10 in its meeting held on September 30, 2020. Your board of directors will proceed with allotment of shares post receipt of inward remittance from shareholders," it added.