Amazon Pay India, the online payment business of e-commerce giant Amazon, has received fresh funding of Rs 590 crore
Amazon Pay India, the online payment business of e-commerce giant Amazon, has received fresh funding of Rs 590 crore, according to the Registrar of Companies (RoC) documents, which was sourced by FE from business intelligence platform Paper.vc. Fresh funds have been infused by US-based parent Amazon.com and Singapore-based Amazon Corporate Holdings. Prior to this in July, the e-tailer had infused Rs 230 crore in the payments business.
It had also received Rs 195 crore in March. The business had received funds of Rs 260 crore in October last year. In an effort to push cashless transactions, Amazon India launched its payments service under Pay Balance in 2016. In April 2017, Amazon secured a licence to operate a pre-paid payment instrument (PPI) or a digital wallet. With this, Amazon joins the ranks of its rivals Flipkart and Paytm Mall. Both Flipkart and Paytm Mall have their own wallets, PhonePe and Paytm, respectively.
Amazon Pay’s net loss widened in FY17 to Rs 177.8 crore against Rs 7.88 crore a year ago, as per the RoC filings. Revenue from operations during the period increased to Rs 4.08 crore from Rs 28 lakh a year ago. Salaries and wages paid by the company rose eightfold to Rs 44.65 crore during the year from Rs 4.7 crore in FY16. Total expenses also increased to Rs 185 crore from Rs 8.2 crore in FY16.