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Amazon’s India businesses delivered a mixed performance in FY26. While revenues of its seller services, retail and pay businesses continued to scale, cumulative losses magnified in the fiscal. The company’s losses across all its business verticals in the fiscal year stood at ₹2,792.8 Cr, up 47.9% from ₹1,888.8 Cr loss incurred in the previous fiscal. Meanwhile, its operating revenue across its businesses stood at ₹39,144.3 Cr. For context, Amazon India’s business is divided into four separate entities — marketplace unit Amazon Seller Services, B2B wholesale marketplace Amazon Wholesale India Services, retail trade arm Amazon Retail India, and fintech arm Amazon Pay. Amazon recently amalgamated its logistics subsidiary Amazon Transport Services with Amazon Seller Services. The merger was done under a Scheme of Amalgamation approved under Sections 230–232 of the Companies Act Here’s a look at the top and bottom line performances of all the subsidiaries. Amazon Seller Services: Operating revenue for Amazon Seller Services rose 15.1% YoY to ₹34,966.8 Cr, while its net loss narrowed by 4.5% YoY to ₹389.9 Cr in FY26. This entity generates revenue from third-party seller services, subscription services, other marketplaces related services such as advertising. Additionally, it makes revenue from logistics and transportation services and marketing support services. Amazon Retail: Top line of the vertical for the fiscal stood at ₹3,065.1 Cr, up 49.5% YoY. Meanwhile, its net loss widened 2.9X annually to ₹1,158.3 Cr in the year under review. This entity earns revenue from retail sales and return allowances. Amazon Pay: Operating revenue for Amazon Pay rose 18.5% to ₹2,484.4 Cr in FY26 from ₹2,096.6 Cr, while net loss surged 32.7% YoY to ₹1,148.5 Cr. This entity generates its revenue from payment processing services including commission fees and upfront fees on joint promotion services. Amazon Wholesale: Amazon India’s B2B wholesale ecommerce arm managed to cut its net loss by 56.5% YoY to ₹96.1 Cr while its operating revenue fell 43.4% YoY to ₹1,693.1 C. Amazon India had a rough financial year with mounting losses weighed down by heavier expenses. Besides the financial performance of its India business, Amazon has been doubling down on its business verticals in India with new launches and investment plans. Amazon Pay has recently expanded its insurance offerings to include travel insurance and other products. Earlier this year, it partnered with multiple non-banking financial companies (NBFCs) and small finance banks to roll out pan-India fixed deposit (FD) service. At the recently concluded Global Fintech Fest 2026, Amazon Pay partnered with Kotak Mahindra Bank to launch a co-branded credit card for small businesses registered on Amazon Business, the company’s dedicated B2B marketplace. On the other hand, Amazon India is in plans to invest $3 Bn to expand its quick commerce business, Amazon Now, over the course of next four years, where it will utilise the fresh proceeds to add new dark stores, strengthen inventory management software at stores, deploy AI tools for demand prediction and expand product mix. Amazon entered the quick commerce space quite late with its pilot in early 2025. Reuters reported that the ecommerce major is looking to expand its dark store network to around 1,300 stores by April 2027 from 750 currently. Amazon Now is delivering orders in minutes to over 60 Indian cities and towns ahead of the festive season. The company claims that it has expanded the service to 4X more cities in 10 weeks and has registered a $1 Bn annualised gross sales for Amazon Now in a three month period. "We are on track to expand to 100 cities by Diwali, taking delivery-in-minutes from Gurdaspur and Hoshiarpur in the north to Vembayam and Alamcode in the south. Customers across the country can look forward to the widest selection delivered at the fastest speeds this festive season,” said Samir Kumar, Country Manager, Amazon India. Earlier in June, Amazon CEO Andy Jassy met with Prime Minister Narendra Modi in New Delhi, reaffirming Amazon's long-term commitment to India. Jassy announced an additional $13 Bn investment in its India operations by 2030 to expand AI and cloud infrastructure. The company had earlier planned to invest $21 Bn to fuel its AI and cloud operations in India between 2026 and 2030. It intends to expand AWS data center capacity in Mumbai and Hyderabad, providing local access to custom AI chips and managed cloud services. This contributes to Amazon's total planned $48 Bn investment across its Indian businesses through 2030, bringing cumulative 2010–2030 investments to over $88 Bn. The capital will also support ecommerce and quick commerce operations, adding 20+ fulfillment centers and 100+ last-mile delivery stations to improve reach in tier 3 and 4 cities. Amazon is bidding to gain market share in India's booming ecommerce market, where quick commerce alone is projected to reach $41 Bn by 2030. Facing fierce competition from players like Blinkit, Zepto, Swiggy, and Walmart-backed Flipkart, Amazon is aggressively scaling its local logistics network, expansion of dark stores, and AI capabilities to secure its foothold across both urban hubs and tier-2+ markets.
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