Amazon Pay India Sees Flat Growth in FY25 as Revenue and Losses Dip Slightly

Amazon Pay India, the digital payments subsidiary of Amazon, experienced a subdued performance in the financial year ending March 2025, with both revenue and losses registering marginal declines.

Revenue and Losses Dipped 

According to its standalone financial statements filed with the Registrar of Companies (RoC), Amazon Pay India’s operating revenue dropped by 8.3% to ₹2,097 crore in FY25, down from ₹2,287 crore in FY24. The platform, which facilitates payments for Amazon purchases as well as external services such as utility bills, mobile recharges, ticket bookings, and UPI transfers, derived its entire income from processing fees during the year.

Total income, including non-operating revenue, stood at ₹2,195 crore for FY25 — a decline from ₹2,369 crore reported in the previous year. The company managed to reduce its net loss by 5% to ₹866 crore in FY25, compared to ₹911 crore in the previous fiscal. However, key profitability metrics remained negative, with a Return on Capital Employed (ROCE) of -39.58% and an EBITDA margin of -45.40%.

Ad Spend Dominates Cost Structure

Advertising expenses remained the company’s largest cost driver, accounting for 52% of total expenditure. These costs rose marginally by 4% year-over-year to ₹1,592 crore in FY25. Payment processor fees — the second-largest cost component — fell 5.5% to ₹845 crore. Employee benefit expenses also saw a slight reduction, closing the year at ₹213 crore.

Other operational costs, including communication, professional fees, and miscellaneous overheads, amounted to ₹411 crore. Altogether, Amazon Pay India brought down its total expenditure by 6.7%, from ₹3,280 crore in FY24 to ₹3,061 crore in FY25.

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As of March 2025, Amazon Pay India reported current assets worth ₹3,400 crore, including ₹506 crore in cash and bank balances, highlighting a stable liquidity position despite ongoing losses.

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