Amazon made an additional Rs 700 crore investment in Amazon Pay India Pvt Ltd ahead of the holiday season. The latest financing comes respectively from the companies Amazon Corporate Holdings Pvt Ltd and Amazon.com Inc Ltd based in Singapore and Mauritius. With the fresh infusion, the company is preparing the war chest to thwart the competitions that its rivals, Google Pay and Paytm, are putting down.
According to company documents obtained by the Tofler business platform, the additional Rs 700 crore funding in Amazon Pay India brings the total to Rs 5,055 crore since the company was founded in 2016. The last time Amazon Pay India has received an investment was in January when the parent company sank its Rs 1,355 crore in finance and payments service.
At a time when rivals like Google Pay, Paytm and PhonePe are heavily doubling down on their efforts to take the lion’s share of India’s digital payments market – and beyond that, including the insurance, trading and lending market. gold – Amazon Pay is planning to hand out more cashbacks, discounts, and offers to customers to keep them and court new ones.
Amazon Pay offers a variety of services, such as mobile top-up, deferred payments, broadband bill payments, electricity bill payments, food orders and UPI-based transactions across India. The adoption of these cashless services has multiplied after the entry into force of the lockdown, due to the precautionary measures related to cash.
Amazon is also relaunching other Indian arms of its overall ecosystem. In September, the company infused Rs 1,125 crore into one of its Indian units called Amazon Seller Services. Amazon Seller Services takes care of sellers and their interests on the ecommerce platform, largely offering them benefits in addition to what they earn from selling products on the platform.
Google Pay, Paytm and PhonePe are already doubling down on their efforts to get Amazon to pay due attention to the Amazon Pay service in India.
- Amazon Pay India received 700 crore in additional funding from its parent company.
- The latest investment in Amazon Pay India was made in January.
- With the holiday season ahead of us, the company is preparing to face the competition.