Amazon pumps Rs 230 Cr into its Indian digital payments arm, Amazon Pay
The recent funding comes just four months after the infusion of Rs 195 crore in March.
Amazon has pumped in an additional Rs 230 crore into its Indian digital payments arm Amazon Pay (India) Private Ltd, documents filed with Registrar of Companies (RoC) reveal. The recent funding comes just four months after the infusion of Rs 195 crore in March this year.
The development comes days after Amazon gave away a lump sum of cashbacks as a “thank you” gesture to customers in their Amazon Pay wallets while celebrating its fifth anniversary in India.
Amazon India is hosting its 36-hour Prime Day sale that will end on July 17. The sale will get customers the best deals, product launches and video releases for its Prime members only. Apart from various deals and offers to members, Amazon Pay users will also receive 10-percent cashback into their account.
In India, Amazon Pay is looking to push its wallet service beyond its marketplace to other online merchants, and challenge Flipkart’s PhonePe, Paytm, and other wallet startups.
Amazon plans to create a one-stop shopping solution for everything like buying groceries, fashion, automobile accessories, books, music, entertainment, and others. In other words, the company is trying to push its digital wallet to become an everyday habit for its customers.
Recently, YourStory also reported that EMIs is an area of focus for both Amazon Pay and for the parent company. EMIs help make a product easy on the pocket for a customer without the company having to offer deep discounts. Pay has launched debit card EMIs along with HDFC Bank.
The latest infusion came from Singapore-based Amazon Corporate Holdings Pvt Ltd and Mauritius-based Amazon.com.incs Limited, who were allotted 22.9 crore and 22.9 lakh shares of Rs 10 face value each, respectively.
The recent funding is in line with Amazon's strategy in India, where the company is burning cash to ramp up its infrastructure and attract more customers.