Amazon India festive sales more than the total of 2014, says CFO

Amazon India had communicated to the Registrar of Companies (RoC) that it has infused Rs 1,696 crore into Amazon Seller Services as part of the ongoing investments.

By: ENS Economic Bureau | Bengaluru | Published: January 30, 2016 1:37:39 am
Prabhu Mallikarjunan The e-tailer plans to open 14 collection points in Bengaluru.(Reuters)

Amazon, which registered its biggest ever profits in the December quarter, has said sellers on its Indian marketplace sold more goods in the festive period stretching from October to December than the combined sales for all of 2014.

“We continue to like what we see happening in India. According to comScore data, Amazon India in Q4 was the top e-commerce site and it was a very busy Diwali shopping season in India,” CFO Brian Olsasvky said during the investors/analysts call Thursday following its financial results.

Amazon has committed to invest $2 billion in its Indian operations. Without giving any India-specific figures, the online retailer said the company will continue to invest the country. Amazon’s net profit for the fourth quarter, which included the festive shopping period, rose to $482 million, up from $214 million, a year earlier. However its missed Wall Street estimates, sending its shares down more than 13 per cent in after-hours trading.

“We are going to continue investing in India. We are seeing great progress with the downloads and we are doing innovation for sellers and customers alike,” Olsasvky said.

Amazon India had communicated to the Registrar of Companies (RoC) that it has infused Rs 1,696 crore into Amazon Seller Services as part of the ongoing investments.

In India Amazon is locked in a intense three-way battle with two home grown players — Flipkart and Snapdeal. FE

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