Amazon Pay India receives a financial infusion of Rs 1,000 crore from its parent business
09 November 2021, Mumbai:
Amazon Pay India, Amazon's payments subsidiary in India, has received a cash infusion of Rs 1,000 crore ($134.4 million) from Amazon Corporate Holdings, the firm's parent company.
Ts 100 crore shares of Rs 10 apiece have been allocated to Singapore-based Amazon Corporate Holdings. Amazon Pay India stated in a regulatory filing that Mauritius-based Amazon.com Inc made a token investment in the fundraising round.
Amazon plans to use the capital to expand its payments operation in the nation and to attract new consumers by offering cashback and other incentives.
Amazon Pay India's net loss decreased by 19 percent to Rs 1,516 crore in the fiscal year ending March 2021, compared to Rs 1,868 crore the previous year.
The company's sales increased by 30% to Rs 1,786 crore, compared to Rs 1,370 crore in the previous financial year.
Amazon sees a lot of promise in India's digital payments market and has been investing heavily to keep up with competitors like PhonePe, Google Pay, and Paytm, among others.
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