Fresh Infusion is expected to help the company compete more aggressively against rivals such as PhonePe, Google Pay and Paytm.
According to regulatory documents, Amazon has invested more than 225 crore in its payment unit Amazon Pay in India. Fresh Infusion is expected to help the company compete more aggressively against rivals such as PhonePe, Google Pay and Paytm.
The board has approved the allocation of “22,50,00000 equity shares … collection of up to 225 crores to the current shareholder on the basis of rights”, as shown in regulatory documents regulated by business intelligence platform Tofler.
The shares were allotted to Amazon Corporate Holdings Pvt Ltd and Amazon.com.Incs Ltd, filed by the Ministry of Corporate Affairs.
Amazon did not respond to queries.
In October last year, Amazon Pay received more than ₹ 700 crores while in January, an infusion of ₹ 1,355 crores was made by these entities. Amazon is doing multi-million dollar business in various operations like marketplace, wholesale and payments business as it looks to strengthen its position in the Indian market. In January last year, Amazon founder Jeff Bezos announced an incremental investment of $ 1 billion (more than ₹ 7,000 crore) in India to help small and medium businesses get online. Earlier, the online retail giant had invested $ 5.5 billion in India, one of Amazon’s most important markets outside the US and a major growth driver.
.
Leave a Reply