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Published
Dec 14, 2020
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Amazon Pay India's loss widens to Rs 1,868 crore in FY20

Published
Dec 14, 2020

Amazon’s payments unit in India Amazon Pay saw its losses widen to Rs 1,868 crore ($253.4 million) in the financial year 2020, as compared to Rs 1,160 crore it had reported in the fiscal ended March 2019.
 

Amazon Pay India's loss widens to Rs 1,868 crore in FY20 - Via Amazon


The company’s revenue for the fiscal grew by 64 percent to Rs 1,370 crore over Rs 834 crore in fiscal 2019, according to Registrar of Companies filing.
 
Despite the losses, Amazon has been pumping in huge money into its payments unit to compete with players like Paytm, Flipkart's Phonepe, and Google Pay in the Indian market.

In the financial year 2020, Amazon Pay India received Rs 2,705 crore from Amazon Corporate Holdings Private Limited and Amazon Incs Limited.
 
Amazon last year had increased the authorised capital for Amazon Pay to Rs 2,000 crore from the Rs 400 crore it had committed during its launch in India.
 
India is one of the most important markets for the Seattle-based Amazon, which is why it has been continuously investing heavily despite incurring losses in the Indian market.
 
Amazon Pay claims to have millions of customers in India who use its service for a wide variety of payments including shopping on Amazon India, recharges and bill payments, money transfers, and paying offline, and online merchants.

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