Amazon infuses fresh Rs260 cr into Amazon Pay
20 October 2017
Global ecommerce giant Amazon.com has infused Rs260 crore into its Indian payments arm Amazon Pay, as it looks to push its wallet beyond its marketplace to other online merchants and take on Paytm and Flipkart's PhonePe, reports The Economic Times.
The latest infusion came from Singapore-based Amazon Corporate Holdings and its US-based parent Amazon, according to Registrar of Companies (RoC) filings. The resolution for the infusion was passed on 22 September, the report said.
Since being granted permission earlier this year by the Reserve Bank of India (RBI) to operate a prepaid payment instrument (PPI), Amazon has thus far put in more than Rs350 crore into Amazon Pay.
The e-commerce giant recently increased the authorised capital for its payments arm to Rs2,000 crore.
These funds were pumped into Amazon's online marketplace business as well as the wholesale business in India.
Paytm raised $1.4 billion from Japan's Softbank earlier this year, and Bengaluru-based Flipkart has invested $500 million in its payments platform PhonePe.
Earlier this week, Amazon announced that it would allow its customers to use Amazon Pay balance account for booking tickets across BookMyShow platforms.
And earlier this week, Amazon.com infused Rs1,620 crore ($250 million) into its Indian marketplace arm Amazon Seller Services, according to a company filing with the registrar of companies (See: Amazon Seller Services infuses Rs1,620 cr from foreign arms).
Amazon founder Jeff Bezos has committed investments of $5 billion into the Indian market.