IN MID-NOVEMBER LAST year, Manish Tiwary, Amazon India’s Country Manager, made a presentation to the parent company’s external board at its Seattle headquarters. Tiwary spoke not just about the opportunities in India but also about innovations on the customer and seller fronts and the vast talent pool. The board, which includes eminent names such as India-born Indra Nooyi, a former Chair and CEO of PepsiCo, looked pleased.
“There was palpable excitement,” Tiwary tells BT at Amazon India’s headquarters in Bengaluru. Turned out in a pair of jeans topped with a collared T-shirt and a blazer, he recalls how the discussion veered around, among other things, the work on Generative AI taking place out of India. “After Seattle, the largest talent pool for Amazon is in India,” he says.
Amazon has grown rapidly since launching its e-commerce business in India in 2013, although it was not the first player to enter the market. Six or seven players occupied the space, including Flipkart, its main rival today, which had a six-year head start.
From revenues of ₹112 crore in FY13, Amazon closed FY23 with ₹22,198 crore but with a loss of ₹4,854 crore, which is not unusual given how it invests in its operations. A recent report by financial services and research firm JM Financial estimates Amazon India’s gross merchandise value (GMV) was around $18 billion in FY23, compared with Flipkart’s $20 billion (excluding Myntra, its fashion e-commerce business). Last June, Amazon committed to investing $15 billion in India over the next seven years, bringing its total investment across its businesses to $26 billion.
This story is from the June 09, 2024 edition of Business Today India.
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This story is from the June 09, 2024 edition of Business Today India.
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