Amazon invests Rs130 crore in Amazon Pay India
The investment in Amazon Pay India will used for expansion across the country and compete with Alibaba-backed Paytm and Flipkart’s PhonePe
New Delhi: Amazon has pumped in Rs130 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 have invested Rs130 crore in fresh capital in the Amazon Pay India, according to documents submitted to the corporate affairs ministry. The resolution was approved on 28 June, 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 Rs2,000 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.
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