Amazon Pay suffers Rs 177-crore loss against Rs 7.4-cr income in FY17

BENGALURU: Amazon Pay, the payments arm of Amazon India, saw losses of Rs 177 crore in FY17, while its income was only Rs 7. 4 crore, as the company spent heavily on advertising and promotions.

The payments arm of Amazon India saw advertising and promotional expenses of Rs 123 crore in financial year 2016-17, according to regulatory filings sourced from Tofler, indicating the company’s push on cashbacks as it entered a space dominated by Paytm and PhonePe.

This pushed the company’s losses to Rs 177 crore from Rs 7.8 crore in the previous year, as per the filings. The company registered a revenue of Rs 4 crore from operations and interest income of Rs 3.4 crore, a jump from revenue of Rs 30 lakh the previous year.