The Indian Wire » Startups » Amazon infuses worth ₹450 cr into India payments unit

Amazon infuses worth ₹450 cr into India payments unit

Amazon, a global leader in the e-commerce industry, has put ₹450 crore into its payments unit in India, Amazon Pay.

According to the sources, cited by yourstory, Amazon Pay has allotted 45 crore shares of ₹10 each aggregating to ₹450 crore to Amazon Corporate Holding and Ltd.

The infusion of funds comes at a time when Amazon’s rival companies are making significant investments to tap the booming digital payment market in India.

Amazon, is an American multinational technology company, based out of Seattle that focuses on e-commerce, cloud computing, digital streaming and artificial intelligence. It was founded in 1994 by Jeff Bezos.

While, a month ago, Amazon pumped in ₹220 crore into Amazon pay.

On the other hand, Amazon Pay Private Ltd suffered a loss of ₹334.2 crore in FY18, an increase of 88 per cent, against ₹178 crore in FY17.

Moreover, Amazon Pay, in August 2018, acquired a Bengluru-based app Tapzo to ramp up its online payment business.

New Delhi-based Tapzo app was founded as Akosha by Ankur Singla and Vishal Pal Chaudhary in 2010. The app offers various services for customers to make mobile, DTH and data card recharges, bill payments, order cabs and food, book flight and bus tickets and avail of home services, among others.

Thus, other major players in the digital payment industry are Paytm, PhonePe, Google Pay, MobiKwik, many more.

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