Home >Companies >News >Amazon Pay gets funds worth 225 cr

Amazon has infused around 225 crore into the payment platform Amazon Pay (India) Pvt. Ltd, show regulatory documents sourced from market intelligence platform Tofler.

The Singapore- and Mauritius-based parent entity, Amazon Corporate Holdings Pvt. Ltd, pumped in 224.9 crore, while Washington-headquartered Amazon Inc. invested nearly 2.24 lakh in this round.

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This is the third tranche of an ongoing fundraising round for Amazon Pay from its parent over the last one year. It raised 1,355 crore in January 2020, followed by another 700 crore last October. Since its launch in 2016, Amazon Pay has secured 5,280 crore in funding.

The fresh capital will help the company compete with well-funded rivals Paytm, PhonePe and Google Pay, in the highly contested digital payments space.

In 2019-20, Amazon Pay’s revenue grew 64% to 1,370 crore, while net loss surged to 1,868 crore, as the company focussed on growth and customer acquisition.

Amazon Pay’s expenses were at 3,238 crore, compared to 1,995 crore in FY19. Amazon Pay India cut employee costs from 143.9 crore in FY19 to 119.4 crore in FY20.

As of January, Amazon Pay had clocked nearly 46.3 million transactions worth 4,044 crore on the Unified Payments Interface (UPI) network, with a 2% market share. This was far lower than market leader PhonePe’s 968.7 million and Google Pay’s 853.5 million transactions on UPI.

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