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Amazon is burning its hands in the Indian market as its losses more than doubled to $2.1 billion in the January-September period year-on-year, the Times of India reported. In the corresponding period last year, it had incurred a loss of $800 million. As reported by Business Standard earlier, the US e-commerce giant has pumped in about Rs 62 billion in the Indian market in the first nine months of the previous calendar year. The Jeff Bezos-led company has infused fresh capital to the tune of Rs 19.5 billion into its India unit, Amazon Seller Services to strengthen the war-chest of the company against the domestic rival, Flipkart. Amazon Seller Services has so far received over $1.28 billion during this financial year from its US parent, as per documents filed with the corporate affairs ministry. The fresh funds will provide more arsenal to Amazon.in.
The company has been aggressively investing in expanding infrastructure and adding solutions to enhance consumer and seller experience.Amazon founder Jeff Bezos has committed investments to the tune of $5 billion for the Indian market. The American company has also been pumping in funds into its other entities in India, including Amazon Pay and its wholesale business. These investments have been directed towards building warehouses, strengthening logistics and increasing product assortment. Amazon is also investing significant money in marketing and promotions as the company looks to bring more consumers into shopping online on its platform. Bezos, as part of investor calls, has highlighted the importance of the Indian market to its operations on multiple occasions and has assured that the company will continue to invest in India. When contacted, an Amazon India spokesperson said: "We remain committed to our India business with a long-term perspective to make e-commerce a habit for Indian customers and to invest in the necessary technology and infrastructure to grow the entire ecosystem". Homegrown player Flipkart has also beefed up its kitty with funding of about $4 billion this fiscal. Japanese conglomerate SoftBank infused about $2.5 billion, while Tencent, Microsoft and eBay pumped in about $1.4 billion into the Bengaluru-based firm.