Amazon to invest Rs 1,700 crore into its Payments and Wholesale Business units in India
Reports have divulged that Amazon Pay India has received Rs 1,355 crore from Amazon Corporate Holdings Pvt Ltd and amazon.com.incs.Limited, regulatory documents filed with the corporate affairs ministry showed.
Amazon Wholesale (India) Pvt Ltd allotted shares worth about Rs 360 crore on December 30 to Amazon Corporate Holdings Pvt Ltd and Amazon.com.incs.Limited, a separate filing showed.In October last year, Amazon had infused over Rs 4,400 crore (more than $600 million) in its various units in India including marketplace and food retail.
Amazon has been in a constant battle against its competitor Flipkart, had recorded accruing losses that counts to more than Rs 7,000 crore across various units in 2018-19. However, the continued flow of fresh investments is a clear indication of the fact that Amazon still resides confidence in the Indian market. Referring to which Vivek Durai, founder, paper.vc, a business signals platform comments that in the last 24 months, Amazon has poured in more than half a billion dollars into its Indian payment business alone. This is a stunning and an indication of how competitive, the payment space has become in India.