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E-Commerce Giant Amazon Invests Rs.225 Crore in India's Payments Unit

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According to regulatory filings obtained from market intelligence platform Tofler, online retail giant Amazon has invested another Rs 225 crore in its digital payments arm Amazon Pay through two overseas entities.

The new funding would allow the company to compete more vigorously against competitors such as PhonePe, Google Pay, and Paytm.

The documents filed with the corporate affairs ministry showed the majority of its new funding comes from Amazon Corporate Holdings, the Singapore-based holding company for all of the US tech giant's e-commerce operations in India, as well as a small donation from Mauritius-based Amazon.com Inc.

Amazon has been investing heavily across various operations like marketplace, wholesale, and payments business as it looks to strengthen its position in the Indian market. Amazon Pay earned over Rs.700 crore in October of last year, and these organizations invested Rs.1,355crore in January of this year.

Amazon founder Jeff Bezos announced a $1 billion (over 7,000 crores) investment in India in January of last year to help small and medium businesses go online. Previously, Amazon had dedicated $5.5 billion to India, one of the most important markets outside of the United States and a primary growth engine.