Flipkart and Amazon are selling more but losing even more
- Flipkart Internet, which handles the e-commerce arm of the company, saw a 40% rise in losses adding up to ₹1,624 crore.
- Amazon India’s e-commerce vertical – Amazon Seller Services saw a 9.5% decrease in losses to ₹5,685 crore.
- Amazon Pay saw its losses grow by 24.7%.
The report card
Flipkart Internet, which handles the e-commerce arm of the company, saw its losses widen by 40% to ₹1,624 crore. However, its operating revenues grew by 51% to ₹4,234 crore.
That’s not all, Flipkart’s net loss also expanded by a whopping 86% to ₹3,837 crore.
Meanwhile, Amazon India’s e-commerce vertical – Amazon Seller Services saw a dip in its losses which came in lower by 9.5% dip at ₹5,685 crore. Amazon’s revenues also grew by 55% to ₹7,778 crore. Its total losses in India crossed the ₹7,000 crore mark.
Another blow to Amazon came with its payment arm – Amazon Pay which too posted record losses. It posted a to ₹1,160.8 crore loss which was 24.7% more than its previous fiscal’s loss.
AdvertisementContinued investment, despite losses
Amazon and Flipkart put together hold about 80% of India’s e-commerce share. So, even with the losses mounting, the two companies continue to fight it out in the market with sales and discounts.
In the run up to the festive season, Amazon hit 344 million visits, Flipkart and Myntra combined had 314 million visits in September. Amazon and Flipkart individually had over twice the number of visits than that of Snapdeal, Club Factory, Shopclues, Tata Cliq and Paytm Mall combined.
Popular on BI
- Elon Musk sparks another Shiba Inu rally ‘to the moon’ — other Shiba coins follow suit
- Trading app Public lists shiba inu coin on its trading platform as the Robinhood rival broadens crypto offerings
- Federal Bank is offering internships for fresh graduates — Check out stipend, incentives and other details
- Best AMD desktop processors — which one to buy in India?
- Best AMD Ryzen laptops in India
- Best TVs with HDR support in India
- Bored Ape NFT sells for $2.7 million, making it the most expensive in Yacht Club collection
- Startup salaries have increased over 40% in the last six months