Firstpost
  • Home
  • Video Shows
    Vantage Firstpost America Firstpost Africa First Sports
  • World
    US News
  • Explainers
  • News
    India Opinion Cricket Tech Entertainment Sports Health Photostories
  • Asia Cup 2025
Apple Incorporated Modi ji Justin Trudeau Trending

Sections

  • Home
  • Live TV
  • Videos
  • Shows
  • World
  • India
  • Explainers
  • Opinion
  • Sports
  • Cricket
  • Health
  • Tech/Auto
  • Entertainment
  • Web Stories
  • Business
  • Impact Shorts

Shows

  • Vantage
  • Firstpost America
  • Firstpost Africa
  • First Sports
  • Fast and Factual
  • Between The Lines
  • Flashback
  • Live TV

Events

  • Raisina Dialogue
  • Independence Day
  • Champions Trophy
  • Delhi Elections 2025
  • Budget 2025
  • US Elections 2024
  • Firstpost Defence Summit
Trending:
  • Charlie Kirk shot dead
  • Nepal protests
  • Russia-Poland tension
  • Israeli strikes in Qatar
  • Larry Ellison
  • Apple event
  • Sunjay Kapur inheritance row
fp-logo
Amazon pumps Rs 230 cr into Amazon Pay; e-commerce major gears up to compete with PhonePe and Paytm
Whatsapp Facebook Twitter
Whatsapp Facebook Twitter
Apple Incorporated Modi ji Justin Trudeau Trending

Sections

  • Home
  • Live TV
  • Videos
  • Shows
  • World
  • India
  • Explainers
  • Opinion
  • Sports
  • Cricket
  • Health
  • Tech/Auto
  • Entertainment
  • Web Stories
  • Business
  • Impact Shorts

Shows

  • Vantage
  • Firstpost America
  • Firstpost Africa
  • First Sports
  • Fast and Factual
  • Between The Lines
  • Flashback
  • Live TV

Events

  • Raisina Dialogue
  • Independence Day
  • Champions Trophy
  • Delhi Elections 2025
  • Budget 2025
  • US Elections 2024
  • Firstpost Defence Summit

Amazon pumps Rs 230 cr into Amazon Pay; e-commerce major gears up to compete with PhonePe and Paytm

press trust of india • July 16, 2018, 19:44:03 IST
Whatsapp Facebook Twitter

Amazon has infused funding in its payments business in multiple tranches. It invested Rs 67 crore in May 2017, followed by another Rs 130 crore in July 2017

Advertisement
Subscribe Join Us
Choose
Firstpost on Google
Choose
Firstpost on Google
Amazon pumps Rs 230 cr into Amazon Pay; e-commerce major gears up to compete with PhonePe and Paytm

New Delhi: E-commerce major Amazon has pumped Rs 230 crore in its Indian payments arm, Amazon Pay, as it looks to strengthen its operations in the country and compete head-on with the likes of Flipkart’s PhonePe and Alibaba-backed Paytm. According to documents filed with the Registrar of Companies (RoC), Amazon Pay (India) has allotted 23 crore equity shares worth Rs 230 crore to existing shareholders – Amazon Corporate Holdings and Amazon.com.incs – on right basis. The resolution was approved on 28 June, 2018, it added. When contacted, an Amazon spokesperson said the company’s focus is to make digital payments “the most trusted, convenient and rewarding choice for customers”. “We continue to explore ways to do this, in partnership with banks, processors, fin-tech companies and ecosystem partners. We have earlier invested in creating new transformational services like cash loading into the wallet at the doorstep,” the spokesperson said. The spokesperson added that the company plans to further develop new services for customers and continue to drive adoption for Amazon Pay. [caption id=“attachment_4501191” align=“alignleft” width=“380”]Representative image. Reuters Representative image. Reuters[/caption] “We are committed to the long-term vision of a less-cash India and continue to invest in experiences which reduce customer friction, improve affordability and foster everyday habits, thereby building preference for digital payments,” the spokesperson said. Previously, Amazon has infused funding in its payments business in multiple tranches. It invested Rs 67 crore in May last year, followed by another Rs 130 crore in July last year. In March this year, it had pumped in Rs 195 crore. Amazon, which is competing with homegrown rival Flipkart in the Indian market, has pumped in substantial funding across operations to expand its operations in the country and build delivery infrastructure. Its founder, Jeff Bezos has committed an investment of $5 billion in the Indian market. The competition is set to intensify following US retailer Walmart announcing a $16 billion deal last month to acquire about 77 percent stake in Flipkart (registered in Singapore). Reports said Amazon is looking at ramping up its investment here by as much as $2 billion, giving the India unit more ammunition. The company, however, has not commented on these reports. Amazon has been infusing funds into its various entities in India, including Amazon Pay, marketplace and wholesale business. These investments have been directed towards building warehouses, strengthening logistics and increasing product assortment. During a recent investor call, Amazon CFO Brian Olsavsky had said the company would continue to invest in India as it sees great progress with both sellers and customers, even as the parent entity registered a loss of $622 million from international operations in the first quarter of 2018. The company is also investing significant money in marketing and promotions as it looks to bring more consumers to its online shopping platform.

Tags
Walmart Alibaba Amazon E Commerce Flipkart Paytm PhonePe digital payments Amazon Pay NewsTreacker
  • Home
  • Business
  • Amazon pumps Rs 230 cr into Amazon Pay; e-commerce major gears up to compete with PhonePe and Paytm
End of Article
Latest News
Find us on YouTube
Subscribe
  • Home
  • Business
  • Amazon pumps Rs 230 cr into Amazon Pay; e-commerce major gears up to compete with PhonePe and Paytm
End of Article

Impact Shorts

Chennai Ranks #1 in Challan Checks: ACKO Insights for Smarter Car and Two Wheeler Insurance Decisions

Chennai Ranks #1 in Challan Checks: ACKO Insights for Smarter Car and Two Wheeler Insurance Decisions

Chennai leads India in challan checks, with drivers checking their e-challans over 5 times a month on average. Helmet non-compliance is the most broken rule, accounting for 34.8% of all traffic offences in Chennai. Regular digital challan checks help drivers avoid hefty fines, promote safe driving, and improve insurance premiums.

More Impact Shorts

Top Stories

US ready to ‘impose costs’ on Russia if war in Ukraine drags on, says Hegseth

US ready to ‘impose costs’ on Russia if war in Ukraine drags on, says Hegseth

US tells Hamas to stop violence against Gaza civilians and disarm 'without delay'

US tells Hamas to stop violence against Gaza civilians and disarm 'without delay'

China seizes 60,000 maps mislabelling Taiwan, omitting South China Sea islands

China seizes 60,000 maps mislabelling Taiwan, omitting South China Sea islands

Syria’s Sharaa pledges to honor Russia ties, seeks economic and military support in Kremlin visit

Syria’s Sharaa pledges to honor Russia ties, seeks economic and military support in Kremlin visit

US ready to ‘impose costs’ on Russia if war in Ukraine drags on, says Hegseth

US ready to ‘impose costs’ on Russia if war in Ukraine drags on, says Hegseth

US tells Hamas to stop violence against Gaza civilians and disarm 'without delay'

US tells Hamas to stop violence against Gaza civilians and disarm 'without delay'

China seizes 60,000 maps mislabelling Taiwan, omitting South China Sea islands

China seizes 60,000 maps mislabelling Taiwan, omitting South China Sea islands

Syria’s Sharaa pledges to honor Russia ties, seeks economic and military support in Kremlin visit

Syria’s Sharaa pledges to honor Russia ties, seeks economic and military support in Kremlin visit

Top Shows

Vantage Firstpost America Firstpost Africa First Sports
Enjoying the news?

Get the latest stories delivered straight to your inbox.

Subscribe
Latest News About Firstpost
Most Searched Categories
  • Web Stories
  • World
  • India
  • Explainers
  • Opinion
  • Sports
  • Cricket
  • Tech/Auto
  • Entertainment
  • IPL 2025
NETWORK18 SITES
  • News18
  • Money Control
  • CNBC TV18
  • Forbes India
  • Advertise with us
  • Sitemap
Firstpost Logo

is on YouTube

Subscribe Now

Copyright @ 2024. Firstpost - All Rights Reserved

About Us Contact Us Privacy Policy Cookie Policy Terms Of Use
Home Video Shorts Live TV