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Read more about Amazon global loss tops $2 bn in Jan-Sept period on India investments on Business Standard. Amazon founder Jeff Bezos has committed investments to the tune of $5 billion for the Indian market

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amazon global loss tops 2 bn in jan sept period

Amazon global loss tops $2 bn in Jan-Sept

period on India investments

Amazon is burning its hands in the Indian market as its losses more than doubled

to $2.1 billion in the January-September period year-on-year, the Times of India

reported. In the corresponding period last year, it had incurred a loss of $800

million.

As reported by Business Standard earlier, the US e-commerce giant has pumped

in about Rs 62 billion in the Indian market in the first nine months of the previous

calendar year.

The Jeff Bezos-led company has infused fresh capital to the tune of Rs 19.5 billion

into its India unit, Amazon Seller Services to strengthen the war-chest of the

company against the domestic rival, Flipkart.

Amazon Seller Services has so far received over $1.28 billion during this financial

year from its US parent, as per documents filed with the corporate affairs

ministry.

the fresh funds will provide more arsenal

The fresh funds will provide more arsenal to Amazon.in.

The company has been aggressively investing in expanding infrastructure and

adding solutions to enhance consumer and seller experience.

Amazon founder Jeff Bezos has committed investments to the tune of $5 billion

for the Indian market. The American company has also been pumping in funds

into its other entities in India, including Amazon Pay and its wholesale business.

These investments have been directed towards building warehouses,

strengthening logistics and increasing product assortment.

Amazon is also investing significant money in marketing and promotions as the

company looks to bring more consumers into shopping online on its platform.

Bezos, as part of investor calls, has highlighted the importance of the Indian

market to its operations on multiple occasions and has assured that the company

will continue to invest in India.

When contacted, an Amazon India spokesperson said: "We remain committed to

our India business with a long-term perspective to make e-commerce a habit for

Indian customers and to invest in the necessary technology and infrastructure to

grow the entire ecosystem".

Homegrown player Flipkart has also beefed up its kitty with funding of about $4

billion this fiscal. Japanese conglomerate SoftBank infused about $2.5 billion,

while Tencent, Microsoft and eBay pumped in about USD 1.4 billion into the

Bengaluru-based firm.

Article By - Business Standard