Amazon.com Inc, has infused fresh capital of Rs Rs 225 Cr into its India payments subsidiary, Amazon Pay (India) Pvt Ltd, according to regulatory filings with the Registrar of Companies. Most of the fresh capital came to Amazon Pay India through Amazon Corporate Holdings, a Singapore-based parent entity that operates the e-commerce giant’s India businesses. An additional investment also came from Mauritius-based Amazon.com Inc.
Amazon Pay India has, to date, received around Rs 5,200 Cr out of which Rs 2,000 Cr came in multiple tranches in the last two years. The fresh funding comes a few months after reports surfaced regarding Amazon’s $1.4 bn funding plans for Amazon Pay. In fact, the digital wallet operated by Amazon has been stepping up its payment offerings to take on key contenders like Paytm, PhonePe and Google Pay.
Set up in 2017, Amazon Pay began its operations in India after a delay of one year in order to comply with data localisation and data privacy regulations. In April 2019, the company started facilitating P2P or peer-to-peer transactions as an add-on to its original customer-to-merchant transactions. Since then, it has been providing online payment services via the BHIM app on the UPI.