Amazon India narrows FY24 net loss to Rs 3,470 crore, revenue up 14%

On a comparable basis, Amazon’s rival, Walmart-owned Flipkart, had clocked a revenue of Rs 17,855 crore and incurred a loss of Rs 2,358 crore in FY24.

Amazon Seller Services, the marketplace arm of the e-commerce giant in India, saw its operating revenue increase 14 percent to Rs 25,406 crore in FY24 from the previous year, financial data accessed by business intelligence platform Tofler shows. It also narrowed net loss by 29 percent to Rs 3,470 crore on improved operational efficiencies in an evolving e-commerce landscape.

Amazon rival Walmart-owned Flipkart clocked a revenue of Rs 17,855 crore and incurred a loss of Rs 2,358 crore in FY24.

While Amazon’s revenue is higher, Flipkart enjoys a larger market share in India’s $70-80 billion e-commerce market. Flipkart’s reach and focus on non-metro cities gives it a wider set of customers, making it the market leader.

Amazon and Flipkart also face competition from SoftBank-backed Meesho, which clocked a revenue of Rs 7,615 crore in FY24. While its losses narrowed during the year, the company did not share the specifics. It is yet to file its financials with the corporate affairs ministry.

During the year, all major e-commerce companies saw their income grow from advertisements.

Flipkart Internet, the marketplace arm, generated about Rs 5,000 crore from advertising in FY24, up from Rs 3,324.7 crore in the previous year.

Amazon earned Rs 6,649 crore, up from Rs 5,380 crore.

Total expenses go up 

Amazon total expenses went up 6.5 percent to Rs 29,062 crore in FY24. While line items such as employee costs were lower, depreciation and finance costs increased slightly, the filings showed.

The numbers come at a time when Amazon is the only large e-commerce player that is absent from the fast-growing quick commerce space in the country.

Flipkart has launched Flipkart Minutes to tap into the growing demand. Companies such as Zomato’s Blinkit, Swiggy Instamart, Tata’s BigBasket etc are all taking away share from Amazon and other traditional e-commerce players, especially in the metro cities.