Amazon powers Indian logistics arm with Rs 122 Cr fresh capital

0
61

Amazon India logistics arm-Amazon Transportation Services (ATS) has received Rs 122 crore fresh capital from its parent entities Amazon Corporate Holdings and Amazon.com. This is second internal investment for ATS after its raised Rs 130 crore in November last year.

According to RoC sourced from Paper.vc, the fresh funding round happened in last month, reports ET.

To counter home-grown companies, the US-based e-commerce giant has been aggressively investing in its various arms such as sellers, logistics and payments. So far, the logistics service has raised around Rs 800 crore across multiple tranches.

In the financial year ending on March 31, 2018, the logistics arm had clocked Rs 1,574 crore in revenue. It was a hike of 60 per cent in the company’s revenue from its Rs 996 crore in FY17.

During the period, it increased its expenses to Rs 1,608 crore as compared to Rs 1,010 crore in FY17. Of the expenses, delivery services cost the highest for the company as it almost doubled from Rs 594 crore to Rs 1,015 crore.

The company incurred a 54 per cent increase in losses to Rs 24.7 crore in FY18.

Amazon counts over 50 fulfillment centers in India with the storage capacity of 20 million cubic feet and it aims to reach 67 operational fulfillment centers by the end of 2018. Besides, it is also growing downstream logistics capabilities and now has over 200 delivery stations across the country.

Of late, the firm has been working on ensuring next-day deliveries for its Prime subscription and even piloting 3 to 5 hours delivery service (smartphone) in Delhi-NCR.

READ  Student Accommodation Startup Stanza Living raises $10 million in Series A Funding from Sequoia Capital, others

Source: Entrackr

To Read Our Daily News Updates, Please visit Inventiva or Subscribe Our Newsletter & Push.

Comments

comments

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.