Amazon invests Rs 130 cr in payments arm in India
Amazon Corporate Holdings and Amazon.com.incs have invested Rs 130 crore in fresh capital in the Amazon Pay India. In the last two months, the global e-tailing giant has already pumped in over Rs 2,000 crore in India in a push to consolidate its position in the country.business Updated: Jul 13, 2017 18:28 IST
Amazon has pumped in Rs 130 crore into its payments entity, Amazon Pay India, as it looks to expand its operations in the country and compete head-on with the likes of Flipkart’s PhonePe and Alibaba-backed Paytm.
Amazon Corporate Holdings and Amazon.com.incs have invested Rs 130 crore in fresh capital in the Amazon Pay India, according to documents submitted to the corporate affairs ministry.
The resolution was approved on June 28, it added.
When contacted, an Amazon India spokesperson said: “Our focus is to make digital payments the most trusted, convenient and rewarding choice for customers. We continue to explore ways to do this, in partnership with banks, processors, fintech companies and ecosystem partners”.
The global e-tailing giant has already pumped in over Rs 2,000 crore (over $ 310 million) in India in the last two months as part of its efforts to consolidate its position in the country and fend off local rivals like Flipkart.
These funds were pumped into Amazon’s online marketplace business in India as well as the wholesale business.
The company has also received a nod to set up online grocery business, where it has proposed to invest another $ 500 million.
Last year, Amazon founder Jeff Bezos had committed investments to the tune of $ 5 billion into the Indian market.
Amazon India, which has recently completed four years of operations, has been directing its investments towards building warehouses, strengthening logistics and increasing product assortment.
Bezos, as part of investor calls, has highlighted the importance of the Indian market to its operations on multiple occasions and has assured that the company will continue to invest in India.