US e-commerce giant Amazon infuses Rs. 1000 crore in Amazon Pay India
- ByStartupStory | November 6, 2021
The leading global e-commerce platform Amazon announced infusion of Rs. 1000 crore in its Indian payment arm- Amazon Pay India on Diwali eve. The US based giant would be receiving 1 billion equity shares of Amazon Pay India for $134 million (approx. 1000 crore) as per regulatory filings.
This announcement comes 1 month after the infusion of Rs. 450 crore in Amazon Pay India ahead of Navratri. The significant infusion in the Indian payment arm is due to the surge in digital payments in the country which has allowed Amazon to tap a major share in the Indian market.
Amazon Pay has diversified segments under it namely Amazon Pay Later, Amazon Pay ICICI credit card and Amazon Pay UPI. Furthermore, Amazon Pay has also joined hands with MakeMyTrip to offer seamless payment options to passengers booking their tickets online.
While Amazon Pay Later (a facility which allows the customers to pay for a product through EMI option a month later than its purchase) has seen 3 million registrations, Amazon Pay ICICI credit cards have seen 2 million registrations already. Furthermore, in a market led by strong competitors, Amazon UPI has been able to garner 50 million subscribers.
The infusion of fresh capital would allow Amazon Pay India to further diversify in the market and reach out to regional districts and untapped markets.
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