The bulk of its latest infusion comes via Amazon Corporate Holdings, the Singapore-based parent entity for all of the US tech giant’s ecommerce units in India, along with a token investment from Mauritius-based Amazon.com Inc.
The investment marks this year’s first cash infusion into Amazon Pay, after the company pumped in a little over Rs 2,000 crore in two tranches into the business last year, and bringing the total capital raised by the entity since 2016 to Rs 5,280 crore.
In October last year, Amazon had also increased its authorised share capital to Rs 16,000 crore from Rs 6,000 crore, indicating that the company is looking to pump in a lot more capital into Amazon as it competes with the likes of Google Pay, PhonePe and Paytm.
In the year ended March 31, 2020, Amazon Pay reported a 64% growth in revenue to Rs 1,370 crore, while its losses widened to Rs 1,868.5 crore from Rs 1,160.8 crore in FY19, according to regulatory filings.
The latest infusion into Amazon Pay comes on the back of strong growth in the digital payments ecosystem in 2020, boosted by the pandemic as consumers and small businesses opted for contactless payments during the pandemic.