Amazon Wholesale (India) Private Limited, the wholesale unit of Amazon’s India arm referred to as Amazon Business catering to MSMEs and other enterprises, reported a flat growth in its revenue to Rs 3,613 crore in the financial year 2023-24 from Rs 3,605 crore in FY23, showed regulatory filings sourced from the business intelligence platform Tofler on Tuesday.
The revenue from operations also remained flat at Rs 3,576 crore in FY24 vis-a-vis Rs 3,600 crore in FY23 while net loss narrowed by 44 per cent to Rs 342 crore in FY24 from Rs 615 crore in FY23.
Launched in 2017, Amazon Business caters to the wholesale demands or bulk purchases of businesses operating at different levels including business owners, SMBs, and other wholesale buyers. GST-registered buyers could get a 28 per cent discount on GST input Tax Credit other than the discount on bulk purchases.
The company’s total expenses excluding depreciation declined from Rs 4,221 crore in FY23 to Rs 3,958 crore in FY24.
In the last six years, Amazon Business customer count had grown at a CAGR of 111 per cent base, PTI reported last month quoting Director of Amazon Business Mitranjan Bhaduri.
Amazon had invested Rs 650 crore into the wholesale unit in November 2021.
Meanwhile, Flipkart’s wholesale unit Flipkart India Private Limited saw a 26 per cent jump in FY24 revenue to Rs 70,844 crore from Rs 56,012 crore in FY23, according to the regulatory documents from Tofler. The company’s net loss had reduced by 13 per cent in FY24 to Rs 4,248 crore from Rs 4,897 crore in FY23.
The company’s total expenses had increased from Rs 60,858 crore in FY23 to Rs 75,038 crore in FY24.