Amazon invests Rs 450 crore in payments unit Amazon Pay
Amazon has made a capital infusion of Rs 450 crore ($64.8 million) to strengthen its payments unit Amazon Pay in India.
Amazon’s India rivals like Paytm and Flipkart-owned PhonePe have already taken a significant lead capturing a large chunk of the country’s digital payments market through expansion of its offline network.
The latest investment by Amazon is expected to give the company the much-needed ammunition to acquire customers and merchants by offering cashbacks and incentives to make deeper inroads in India’s digital payments space.
Amazon Pay (India) has allotted 45 crore shares of Rs 10 each aggregating to Rs 450 crore to Amazon Corporate Holdings and Amazon.com.incs Ltd, documents filed with Corporate Affairs Ministry showed.
The documents, sourced by business intelligence platform Tofler, said the date of allotment was June 6, 2019.
Amazon Corporate Holdings has pumped in Rs 449.95 crore, while the remaining came from Amazon.com.incs Ltd.
Amazon last year had increased the authorised capital for Amazon Pay to Rs 2,000 crore from the Rs 400 crore it had committed during its launch in India.
India is one of the most important markets for the Seattle based Amazon which is why it has been continuously investing heavily despite incurring losses in the Indian market.
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