E-commerce major Amazon has pumped in ₹230 crore in its Indian payments arm, Amazon Pay, as it looks to strengthen its operations in the country and compete head-on with the likes of Flipkart’s PhonePe and Alibaba-backed Paytm.
According to documents filed with the Registrar of Companies (RoC), Amazon Pay (India) has allotted 23 crore equity shares worth ₹230 crore to existing shareholders — Amazon Corporate Holdings and Amazon.com.incs — on a rights basis.
The global e-commerce major added that the resolution was approved on June 28, 2018.