(Bloomberg) -- Amazon Inc.’s India payments unit posted a smaller loss for the fiscal year ended March 31 as it boosted sales while trimming costs.
Amazon Pay India’s loss narrowed almost 40% from the previous year to 9.1 billion rupees ($108 million), according to company filings sourced through Tofler. Sales rose 9.2%, to 22.9 billion rupees, while expenses fell by a similar magnitude.
Amazon Pay competes against Walmart Inc.-backed PhonePe and Alphabet Inc.’s Google Pay in India’s crowded market for payments. PhonePe last week reported a 74% jump in revenue for the latest fiscal year.
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