Amazon did not provide any updates regarding India during Thursday’s earnings call or release, which is a remarkable move for the e-commerce giant given that it has routinely emphasized the South Asian market’s rapid rise in recent years.
As a result of Amazon terminating multiple services in India, including food delivery and wholesale distribution, the country was omitted from the quarterly earnings report for the first time since the beginning of 2014.
This prompted many analysts to speculate that the American multinational corporation may be scaling back operations in India as part of a larger global restructuring effort.
Amazon excludes India business from results for the first time.
Amazon has invested more than $7 billion in its operations in India over the course of the past decade and engages in fierce competition with Flipkart, which is funded by Walmart.
According to a survey by Sanford C. Bernstein, Amazon is falling behind its competitor Flipkart and is having trouble making headway in the smaller cities and villages across India.
Its global competitor, Walmart, on the other hand, is increasing its presence in India and has already spent close to $2.5 billion in the country just in the current year.