NEW DELHI: Online retail giant Amazon has pumped in Rs 130 crore into its payments entity, Amazon Pay India, as it looks to expand its operations in the country. It will compete with Flipkart’s PhonePe and Alibaba-backed Paytm.
Amazon Corporate Holdings and Amazon.com.incs have invested Rs 130 crore in fresh capital in the Amazon Pay India, according to documents submitted to the Corporate Affairs Ministry.
When contacted, an Amazon India spokesperson said, “Our focus is to make digital payments the most trusted, convenient and rewarding choice for customers. We continue to explore ways to do this, in partnership with banks, processors, fintech companies and ecosystem partners”.
The global e-tailing company has already pumped in over H2,000 crore (over $310 million) in India in the last two months as part of its efforts to consolidate its position in the country and beat local rivals like Flipkart. These funds were pumped into Amazon’s online marketplace business in India as well as the wholesale business.
The company has also received a nod to set up online grocery business, where it has proposed to invest another $500 million.
Last year, Amazon founder Jeff Bezos had committed investments to the tune of $5 billion into the Indian market.
Amazon India has recently completed four years of operations and its investments are towards building warehouses, logistics, increasing product assortment.