In Thursday’s earnings call and release, Amazon didn’t mention any reference to India. It was a remarkable change for the e-commerce behemoth, which has consistently emphasized the South Asian market’s rapid development and positive outlook.
Following Amazon’s closure of several services, including food delivery and wholesale distribution, in the nation, the absence of India from the Q1 2023 quarterly earnings and investor call, the first since early 2014, has made many analysts wonder if the American giant is reducing operations in the nation amid global restructuring.
Over the past ten years, Amazon has invested over $7 billion in its operations in India and fiercely competes with Walmart-backed Flipkart. According to a Sanford C. Bernstein assessment, Amazon is trailing Flipkart and finding it difficult to gain traction in smaller Indian cities and villages.
On the flip side, Walmart, a competitor of Amazon worldwide, is investing significantly more money in India and has done so just this year.
