Amazon Pay Gets Rs 300 Cr from Its Parent Entity

The E-commerce platform Amazon has now pumped in an additional amount of Rs 300 crore into Amazon Pay (India) Pvt. Ltd., according to the filings with the Registrar of Companies. Amazon Pay is the Indian digital payments arm of the E-commerce giant.

The funding comes through the Singapore and Mauritius-based group entities – Amazon Corporate Holdings Pvt. Ltd. and Amazon.com Limited.

In the current financial year, this is the fourth infusion of funds by the parent entity into its Indian payments arm. The latest fund infusion has taken the total amount of infusion to Rs 1340 crore.

Before this, in November 2018, Amazon Pay has received an amount of Rs 220 crore from its parent entities. In October 2018, Amazon Pay had also secured Rs 590 crore.

In the fiscal year 2018, Amazon Pay (India) incurred a loss of Rs 3334.2 crore, which is an increase of 88% as compared to the losses of Rs 178 crore that it incurred in 2017.

In August 2018, Amazon Pay had acquired the Bangalore-based aggregator app, Tapzo to ramp up its online payment business. The deal came in the backdrop of increased competition with rival e-commerce payment firms in the market like PhonePe and Paytm.

Picture Credits: Entrackr