WION New Delhi, Delhi, India
Dec 26, 2016, 09.22 AM
Amazon has sustained loss of over Rs 3,000 crore in India in a bid to become number one e-commerce platform in the country, for the fiscal year of 2015-16.
The American online shopping giant recorded a loss of Rs 3,572 crore than the previous fiscal year's Rs 1,724, according to a Livemint report.
“Company revenues grew more than double as compared to last financial year. (The) company has invested in establishing infrastructure, opening new fulfilment centers and technology advancement due to which (the) company’s losses increased to Rs 3,572 crore,” the report cited.
“(The) company is also investing on launching new products and new services for its customer and its sellers. (The) company is confident on its future growth,” it added.
However, Amazon India's profits have doubled in the fiscal year ended on March 2016, recording Rs 2,275 crore against the previous fiscal years Rs 1,022 crore.
Its revenue doubled due to investment's in marketing, discounts, technology and infrastructure.
Amazon will invest at least $5 billion (nearly Rs 33,263.8 crore) in India.