Amazon Wholesale India posts Rs 2.8-crore net profit in FY17
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Amazon Wholesale India — the business-to-business (B2B) division of e-commerce firm Amazon India — posted a net profit of Rs 2.8 crore for the year ended March 2017 against a net loss of Rs 23.2 crore in the preceding year, according to filings with Registrar of Companies (RoC) and documents sourced by data intelligence platform Paper.VC. Revenue from operations increased to Rs 7,047.3 crore in FY17 from just Rs 2.6 crore in FY16. Total expenses rose to Rs 7,058.9 crore from Rs 26.4 crore in FY16. Employee benefit expenses increased 75% to Rs 21.7 crore in FY17.
An email sent to Amazon India did not elicit a response till the time of going to the press. The wholesale business was launched by Amazon in 2013, after the Department of Industrial Policy and Promotion (DIPP) made it mandatory that under the new norms sales from a single vendor cannot exceed 25% of the gross sales of an online marketplace.
Cloudtail is another large vendor for Amazon. Cloudtail India posted 24% increase in turnover to Rs 5,688 crore in FY17 from Rs 4,587 crore in FY16. Cloudtail is a joint venture between Amazon.com and NR Narayana Murthy’s Catamaran Venture.
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