Amazon has infused Rs 1,000 crore into its payments unit in India, Amazon Pay, according to regulatory documents.
The fresh infusion is expected to help the company compete more aggressively against rivals like PhonePe, Google Pay and Paytm.
The shares were allotted to Amazon Corporate Holdings Private Limited and Amazon.com.incs Limited, the documents filed with the corporate affairs ministry and sourced by business intelligence platform Tofler, showed.
The date of allotment was October 20, 2021, it added. Amazon did not respond to emailed queries.
In April this year, Amazon Pay had received an infusion of Rs 225 crore.
Amazon has been pumping in millions of dollars across various operations like marketplace, wholesale and payments business as it looks to strengthen its position in the Indian market.
In a separate filing, Amazon Pay reported narrowing of loss to about Rs 1,516.4 crore in FY21 from a loss of Rs 1,868.5 crore in the preceding fiscal year.
Amazon Pay's total income for fiscal 2021 grew over 30 per cent to Rs 1,782.6 crore from Rs 1,370 crore in fiscal 2020, as per the Registrar of Companies filing - shared by Tofler.
Revenue from operations stood at Rs 1,716.2 crore for the financial year ended March 31, 2021. Total expenses (excluding depreciation) stood at Rs 3,295.7 crore in FY21 as compared to Rs 3,234.8 crore in FY20, it added.
The filing noted that Amazon Pay India received over Rs 925 crore in FY21 from Amazon Corporate Holdings Private Limited and Amazon.com.incs Limited.
Amazon Pay India allotted shares to these entities worth Rs 700.1 crore in September 2020 and Rs 225 crore in March 2021, the document said.
These entities had pumped Rs 2,705 crore in the financial year 2020 into Amazon Pay.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU