Amazon Invests $41 Million in Amazon Pay India

Amazon Invests $41 Million in Amazon Pay India

Amazon invested Rs 350 crore (about $41 million) into Amazon Pay India, the Economic Times reported Friday (April 25), citing regulatory filing with the Registrar of Companies. Amazon Pay was the eighth-largest Unified Payments Interface (UPI) player by transaction volume in March, and it’s looking to gain share from competitors like PhonePe and Google Pay, who have a combined market share of about 85%, according to the report. The company recei…

Amazon Injects INR 350 Cr Into India Payments Arm Amazon Injects INR 350 Cr Into India Payments Arm

Ecommerce giant Amazon has infused INR 350 Cr into its digital payments arm Amazon Pay India as it looks to scale up its presence in the country’s UPI market.  According to the MCA filing assessed by Inc42, Amazon Pay issued 35 Cr equity shares at INR 10 apiece to Amazon Corporate Holdings Private Limited and Amazon.com to secure the investment on a rights issue basis. The development was first reported by the Economic Times.  In terms of UPI tr…