Amazon Pay India raises Rs 225 crore from parent entities
Amazon Pay India has raised Rs 225 crore ($31 million) from Amazon Corporate Holdings Private Limited, Singapore, and Amazon.com Inc Limited, Mauritius.
The company has allotted 225,000,000 equity shares of Rs 10 each aggregating to Rs 225 crore to the existing shareholders on a rights basis.
The company will utilise the funds to strengthen its presence in the digital payments space and compete with other majors like Paytm, Flipkart's PhonePe, and Google Pay.
In the financial year 2020, Amazon Pay India received Rs 2,705 crore from Amazon Corporate Holdings Private Limited and Amazon Incs Limited.
Despite the capital infusion, Amazon Pay saw its losses widen to Rs 1,868 crore ($253.4 million) in the financial year 2020, as compared to Rs 1,160 crore it had reported in the fiscal ended March 2019.
India is one of the most important markets for the Seattle-based Amazon, which is why it has been continuously investing heavily.
Amazon Pay claims to have millions of customers in India who use its service for a wide variety of payments including shopping on Amazon India, recharges and bill payments, money transfers, and paying offline, and online merchants.
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