Amazon Pay India's FY23 revenue growth stagnates, losses narrow
Amazon Pay India, the digital payment arm of e-commerce giant Amazon, saw a stagnant growth in operational revenue, reaching Rs. 2,093 crore in fiscal 2023 compared to Rs. 1,998 crore the previous year. The company's net losses, however, dropped by 13% to Rs. 1,499 crore in FY23 from Rs. 1,740 crore in FY22. This decrease in losses can be linked to a 4.2% reduction in total expenses, which fell to Rs. 3,629 crore from Rs. 3,790 crore a year earlier.
Reduction in expenses and employee benefit expenses surge
Amazon Pay's employee benefit expenses surged by 42.7%, climbing to Rs. 227 crore in FY23 from Rs. 159 crore in the previous fiscal year. Despite Amazon's status as one of India's largest e-commerce companies, its payment subsidiary trails behind rivals like Google Pay and Paytm. In November, Amazon Pay recorded 4.8 crore transactions totaling Rs. 5,737 crore, as per NPCI data. On the other hand, PhonePe facilitated 520 crore transactions amounting to Rs. 8.5 lakh crore.
Amazon India logistics arm's FY23 growth stagnates
Amazon India's logistics arm Amazon Transportation Services (ATS) also saw flat earnings in FY23. It reported a slight fall in operating revenue to Rs. 4,543 crore from Rs. 4,571 crore in FY22. The company's net loss also narrowed marginally to Rs. 86 crore in FY23 from Rs. 95 crore in FY22, according to regulatory filings made with the Registrar of Companies (RoC).
