Amazon Pay gets fresh Rs 700 crore from parent company

By: |
October 9, 2020 1:15 AM

This is the second investment by the e-commerce major in Amazon Pay (India) this calendar year, taking the total capital infusion to over Rs 2,000 crore.

In January, the entity had received Rs 1,355 crore from its US-based parent.In January, the entity had received Rs 1,355 crore from its US-based parent.

Amazon has infused a fresh Rs 700 crore into its India payments entity, according to regulatory filings sourced from business intelligence platform Tofler.

This is the second investment by the e-commerce major in Amazon Pay (India) this calendar year, taking the total capital infusion to over Rs 2,000 crore. In January, the entity had received Rs 1,355 crore from its US-based parent.

The investment gains significance at a time when incumbents in the payments space are going all out to woo the small merchant, and the environment is becoming increasingly competitive. Paytm has set itself a target of 25 million merchants for FY21, while Google Pay last year said it is targeting over 200 million offline merchants.

To this end, both players, as also Walmart/Flipkart-owned PhonePe, have over the last couple of years been working to build a presence at every storefront across the country.

The latest investment has been routed via Amazon Corporate Holdings and Amazon.com, the filings showed.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Chola PAT rises 42% to Rs 432 crore
2Air India privatisation: Bids allowed on basis of enterprise value
3Vodafone Idea: Better cash flows must for survival