Amazon Pay's loss soars to Rs 177 cr
Amazon Pay's loss soars to Rs 177 cr

The digital payments arm of Amazon India, Amazon Pay has witnessed losses of Rs 177 crore in FY17, owing to its heavy expenditures on advertising and promotion strategy, while its income was only Rs 7. 4 crore.

According to regulatory filings sourced from Tofler, Amazon Pay saw advertising and promotional expenses of Rs 123 crore in the financial year 2016-17, indicating the company’s push on cashbacks so as to fight the already dominant Paytm and PhonePe in payment space. This pushed the company’s losses to Rs 177 crore from Rs 7.8 crore in the previous year.

The company revenue stood at Rs 4 crore from operations and interest income of Rs 3.4 crore, a jump from revenue of Rs 30 lakh for the corresponding year.

 
Stay on top – Get the daily news from Indian Retailer in your inbox
Also Worth Reading