scorecardresearch

Amazon Seller Services’ losses narrow to Rs 4,748.1 cr in 2020-21

Amazon Seller Services had recorded a net loss of Rs 5,849.2 crore, while its revenue from operations stood at Rs 10,847.6 crore in FY20.

Amazon Seller Services’ losses narrow to Rs 4,748.1 cr in 2020-21
After the HC granted the stay, the Singapore International Arbitration Centre halted the arbitration proceedings, scheduled to be held from January 5 to 8.

Amazon Seller Services, the India online marketplace unit of e-commerce giant Amazon, saw its losses narrowing to Rs 4,748.1 crore for the financial year 2020-21 from the previous year, while its revenue from operations rose 49.3 per cent to Rs 16,200.3 crore, as per regulatory documents.

Amazon Seller Services had recorded a net loss of Rs 5,849.2 crore, while its revenue from operations stood at Rs 10,847.6 crore in FY20.

“The company has suffered a loss of Rs 47,481 (in millions) during the year. The company has posted the revenue from operations of Rs 162,003 (in millions) for the financial year ended March 31, 2021,” according to Registrar of Companies filing shared by business intelligence firm Tofler.

According to the filing, Amazon Seller Services saw its total expenses rising from Rs 16,877.1 crore in FY20 to Rs 21,127 crore in FY21.

Employee benefits expense increased to Rs 1,819.8 crore (from Rs 1,382.9 crore), while finance cost rose to Rs 119.6 crore in FY21 (from Rs 108.2 crore in FY20).

Amazon, which competes with players like Walmart-backed Flipkart, is also locked in a legal battle with Future Group over the latter’s Rs 24,713-crore asset sale deal with Reliance.

The regulatory filing noted that Amazon Seller Services has received Rs 4,360 crore in fund infusion during FY21 in three tranches.

Amazon Corporate Holdings Private Limited and Amazon.com.incs Limited were issued shares of Amazon Seller Services worth Rs 2,310 crore in June and Rs 1,125 crore in September 2020, and Rs 925 crore in December 2020, as per the document.

Also, the filing noted that the company has entered into a business transfer agreement with Amazon Wholesale (India) Private Ltd, a related party to the company, whereby the company has transferred its Amazon Devices Business including inventory, employees, related assets and liabilities and vendor/customer contracts related to its products to AWIPL effective from April 1, 2021.

This resulted in a decrease of assets amounting to Rs 2,69 crore and liabilities amounting to Rs 43.4 crore, it added.

Get live Share Market updates and latest India News and business news on Financial Express. Download Financial Express App for latest business news.

First published on: 05-01-2022 at 10:55:40 pm