In a bid to expand its operations in the country, Amazon has invested in Rs 130 crore in its payments entity, Amazon Pay India.
This investment can be said to be done to be in complete competition with the likes of Flipkart’s PhonePe and Alibaba-backed Paytm.
Amazon Corporate Holdings and Amazon.com.incs have invested Rs 130 crore in recent launch the Amazon Pay India, according to documents submitted to the corporate affairs ministry.
The resolution was approved on June 28, it added.
The e-commerce giant has already pumped in over Rs 2,000 crore (over $ 310 million) in India in the last two months as part of its efforts to concrete its position in the country and compete with rivals like Flipkart.
These funds were invested into Amazon’s online marketplace business in India as well as the wholesale business.