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Amazon infuses Rs1,000 cr in payments unit Amazon Pay

BENGALURU :

Amazon Pay, the digital payments and financial services unit of Amazon India has raised close to ₹1000 crore from parent Amazon Inc., according to regulatory filings with the Ministry of Corporate Affairs. 

As a part of the fundraise Singapore-based Amazon Corporate Holdings Pvt. Ltd. has infused close to ₹999.90 crore in Amazon Pay, with Amazon.com incs Ltd. infusing another ₹9.99 lakh into the Indian payments unit, according to financial data accessed by business intelligence platform, Tofler

As per the filings, Amazon Corporate Holdings have been allotted 99 crore shares, with Amazon.com incs given another 99,920 shares, at a nominal value of ₹10 per share.  

The current fundraise comes just weeks after Amazon Pay raised ₹450 crore ahead of the Diwali season sales, from parent Amazon, as the e-commerce major locked horns with Walmart-owned Flipkart during the month-long festive season sales.  

The funds were raised by the same two entities Amazon Corporate Holdings and Amazon.com incs.  

Earlier in September this year, Mint reported that Amazon Pay had touched 50 million users, leveraging its unified payments interface (UPI). According to the company, customers were using the Amazon app to pay at 20 million local shops using the UPI quick response (QR) code option.

Further, over 75% of its customers over the last one year came from Tier II and III cities, it said.

“Our mission is to make paying for anything trusted, convenient and rewarding. We are excited by the rapid adoption of UPI, which now enables customers to do much more with their Amazon app beyond shopping. We are humbled to serve millions of our customers and merchants through UPI and play a key role in accelerating the government’s vision of a less-cash India,” said Mahendra Nerurkar, chief executive officer and vice-president, Amazon Pay in September.

In March, this year, Amazon Technologies Inc., part of Amazon.com Inc., acquired retail tech startup Perpule in an all cash-deal of  ₹107.6 crore to bolster its play in the kirana-tech space, according to regulatory filings.

With Perpule’s acquisition, the e-commerce major was planning to up its game in the kirana-tech space and leverage Perpule’s cloud-based point-of-sale (PoS) offering ‘UltraPoS’ to offer a new suite of technology products to kirana partners. 

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