1. Amazon infuses Rs 130 cr into Amazon Pay in India

Amazon infuses Rs 130 cr into Amazon Pay in India

Amazon has infused Rs 130 crore into Amazon Pay (India), the company's payment business arm in the country, according to a regulatory filing with registrar of companies. The investment was allotted on June 28, 2017 by Amazon Corporate Holdings, Singapore and Amazon.com Inc, Mauritius.

By: | New Delhi | Updated: July 14, 2017 6:24 AM
The parent company Amazon has also invested Rs 1,680 crore in Amazon India, the e-commerce arm and Rs 341 crore in Amazon Wholesale. (Reuters)

Amazon has infused Rs 130 crore into Amazon Pay (India), the company’s payment business arm in the country, according to a regulatory filing with registrar of companies. The investment was allotted on June 28, 2017 by Amazon Corporate Holdings, Singapore and Amazon.com Inc, Mauritius.  In April, Amazon had secured prepaid payment instrument licence from RBI. This puts the company in direct competition with payment firms such as Paytm, Flipkart’s PhonePe, and MobiKwik. It was granted the licence on March 22 which is valid March 31, 2022.

The parent company Amazon has also invested Rs 1,680 crore in Amazon India, the e-commerce arm and R341 crore in Amazon Wholesale (India). In June 2016, Amazon.com’s founder and CEO Jeff Bezos had committed an additional investment of $3 billion, thus taking the total investment in India to $5 billion.

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