Moneycontrol

Budget 2023Budget 2023

PARTNERS

  • Tata AIA Life Insurance
  • Hafele
  • Motilal Oswal
Upcoming Event : LeapToUnicorn - mentoring, networking and fundraising for startups. Register now
Budget 2023
Budget 2023
you are here: HomeNewsBusiness

Amazon Pay India receives Rs 1,000 crore funding from parent company

In a separate regulatory filing, Amazon Pay India said that its net loss reduced by 19 percent year-on-year in FY21 to Rs 1,516 crore and revenue from operations rose by 30.5 percent at Rs 1,716 crore.

November 08, 2021 / 06:30 PM IST
Source: Shutterstock

Source: Shutterstock

Amazon’s payments processing arm in India, Amazon Pay India, has received Rs 1,000 crore funding from its holding company Amazon Corporate Holdings.

A regulatory filing by Amazon Pay India said that Singapore-based Amazon Corporate Holdings has been allotted 100 crore shares of Rs 10 each. The overall funding also includes a nominal investment coming from Amazon.com.incs which is based out of Mauritius.

Amazon Pay is US e-commerce giant Amazon’s payments arm, enabling online payment for customers and merchants. Amazon Pay India allows merchants to accept in-store payments at physical outlets through Unified Payment Interface (UPI) QR codes, make digital payments in stores as well as while shopping online. The company is also widening its ambit of credit and other financial services offerings.

Net Loss narrows, revenues up