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Amazon India invests Rs 230 cr into its payment arm

The latest funding has been routed through Singapore-based Amazon Corporate Holdings and Mauritius-based Amazon.com.incs.
BY BEx Bureau
BusinessEx
Jul 17, 2018

Amazon has pumped in an additional Rs 230 crore into its wallet Amazon Pay in India, as per filings with the Registrar of Companies (RoC) sourced from Paper.vc.

This comes within a few months of another investment of Rs 195 crore.

Amazon Pay, which competes with the likes of Paytm, MobiKwik, Flipkarts PhonePe and Axis Banks Freecharge, completes five years of operations in India. With this funding, the company might look at increasing its customer base. Since last year, the company has been on a drive to attract more customers, give cashbacks and have attractive offers with partners. Just last week, Amazon India gave away plenty of cashbacks to users of Amazon Pay, marking its fifth anniversary in India.

The latest funding has been routed through Singapore-based Amazon Corporate Holdings and Mauritius-based Amazon.com.incs. Amazon Corporate was allotted 23 crore shares and Amazon.com.incs 22,977 shares at a face value of Rs 10 per equity share.

The filing said the terms of the funding were compliant with Reserve Bank of India regulations and Foreign Exchange Management Act, 1999.

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