Amazon has lost $541 million to Indian e-commerce competition; but certainly not stirred
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The Seattle-based e-commerce giant has lost $541 million in the third quarter, as against $208-million loss during the same period last year. However the company will continue to make the same kind of expenditure in the current fiscal as well.
Having launched its annual subscription service ‘Prime’, Amazon has also signed collaborations with movie production houses like Karan Johar's Dharma Productions,
Amazon's Chief Financial Officer
"We are very encouraged by what we see in India but it is still very early on. Our most recent highlights will be the launch of the Prime programme in the past quarter, and it is now one of the top-selling units on Amazon India,”
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This is the biggest operating loss that Amazon's international business has reported in its history, according to company filings reviewed by the ET. India is the next big retail opportunity for Amazon, after having failed to make much headway in the Chinese ecommerce market dominated by local powerhouse
The report, dated September 13, also said that Amazon is losing $1 billion in India annually right now. In June, Amazon founder and CEO
"Winning the India market will be expensive, and Amazon knows this. From the last six months their burn rate has increased, which is now showing in the results,”
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