Companies

Amazon pumps in ₹450 crore into payment unit in India

Forum Gandhi Mumbai | Updated on September 24, 2021

The bulk of the funding have come from Amazon Corporate Holdings Private Limited, Singapore

Amazon Pay India Private Limited, the online payment business of e-commerce giant Amazon, has raised ₹450 crore from Amazon Corporate Holdings Private Limited, Singapore, and Amazon.com Inc Limited, Mauritius.

According to documents submitted by the payments company to the Ministry of Corporate Affairs, the bulk of the funding have come from Amazon Corporate Holdings Private Limited, Singapore. The documents reviewed by BusinessLine was sourced from Tofler.

For the said equity, the two companies have purchased 45 crore shares at a nominal amount of ₹ 10 each.

In May, BusinessLine had reported that Amazon Pay received fresh funding of ₹225 crore.

Earlier this month, Amazon Pay, which is competing against search-engine giant Google’s payments arm Google Pay said that it had managed to acquire five crore customers in India who are using its UPI platform.

Mahendra Nerurkar, CEO and VP Amazon Pay, claimed that customers are using the Amazon app to pay at 2 crore local shops by scanning any UPI QR code.

“In the last one year, over 75 per cent of our customers using Amazon UPI are from tier-2 and -3 cities, showing the growing reach of UPI,” the company claimed.

Amazon Pay allows its customers to recharge their phone, DTH, send money to contacts, pay salaries to household help, pay for shopping on Amazon.in. It has even extended the services for customers who want to open their fixed deposits.

Also read: Majority of consumers looking to buy 5G compatible smartphones: Amazon survey

Amazon Inc has been pumping money into its Indian entity. Amazon India had raised ₹ 915 crore from its holding company, Amazon Corporate Holdings Private Limited and Amazon.com.incs Limited Company.

Since 2013, Amazon Inc. has committed to invest around $6.5 billion in its Indian operations. In the recent past, Amazon has announced the expansion of its operations network in India. It plans to set up 10 new fulfilment centres, 5 new sortation centres, nearly 200 delivery stations, and over 1 lakh seasonal jobs to help meet customer demand.

Published on September 23, 2021

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