Amazon Pay reports net loss of Rs177.8 crore in FY17
Amazon Pay’s total revenues increased to Rs7.4 crore during 2016-17, overall expenses jumped from Rs8.2 crore in FY16 to Rs185.3 crore in FY17
Bengaluru: Amazon Pay (India) Pvt. Ltd, the payments arm of the e-tailing major, has reported net loss of Rs177.8 crore on total revenues of Rs7.4 crore in the year ended 31 March 2017, show data sourced from business intelligence platform Tofler.
The company’s losses in 2016-17 increased significantly from the Rs7.8 crore in the previous financial year.
Total revenues also increased during the period. Its overall expenses for FY17 jumped from Rs8.2 crore in FY16 to Rs185.3 crore in FY17.
Amazon India’s wallet, Amazon Pay, was launched in December 2016.
Amazon Pay has tied up with several online vendors such as Faasos, BookMyShow and Redbus, among others, to offer online payments.
Amazon is also using it as a loyalty feature to get back repeat users, besides offering direct cashbacks on Amazon purchases.
In March, the US-based e-tailer had pumped in Rs195 crore in Amazon Pay India. It had initially invested Rs350 crore in the payments arm.
Amazon has also stepped up investments in its core e-commerce business in India.
Earlier this month, it had infused fresh capital of Rs2,600 crore into its India operations, Amazon Seller Services, show filings with the registrar of companies.