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 {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
HOW TO ADAPT TO EXTREME HEAT
India is vulnerable to extreme heat and yet unprepared. But various initiatives provide a glimpse of what is possible when collaboration and ingenuity come together
THE WORLD IN 2030
The policy implications are that India would have to maintain a strong link to a re-industrialising US but find a way to use Chinese capital and inputs
A PEEK INTO THE FUTURE
INDIA IN 2025 AND BEYOND: TRENDS TO WATCH OUT FOR
"STEERING SBI INTO THE FUTURE"
C.S. Setty, Chairman of the State Bank of India, talks about his plans for the bank, the strategy for the future, and technology, among other things
"Outlook for India is very positive"
Paul Uren, Head of Investment Banking (Asia-Pacific), J. P. Morgan, on M&A activity, the environment of investment banking market in India, and more
The 2025 Slate
The Indian film industry is hoping that 2025 will mark the return of big-budget blockbusters
TECH, SET, GO!
With up to 30 tech start-ups looking to go public, the year promises to be a turning point for India's thriving start-up ecosystem
CAUTION AHEAD
A series of events in the first few weeks of the New Year could shape the trajectory of the equity markets, especially the Trump administration's policies
THE GENTLEMAN-SCHOLAR PM
IN EVERY ROLE HE HELD, BE IT FINANCE MINISTER OR PRIME MINISTER, SINGH REMAINED OPEN-MINDED AND CONSTANTLY SOUGHT NEW IDEAS
THE COMPLETE ECONOMIST
THE MANMOHAN SINGH ERA WILL GO DOWN IN HISTORY AS THE ONE THAT CHANGED THE IMAGE OF INDIA, NOT MERELY IN THE ECONOMIC SPHERE, BUT IN EVERY OTHER ASPECT
