Amazon Pay, the payments wing of e-commerce giant Amazon has received funds worth Rs 220 crore from the parent brand.
T
he new investment is infused by the parent entity a month after the subsidiary raised Rs 590 crore just before starting the flagship festival sale. Apart from this, the arm already received Rs 230 crore in July and Rs 195 crore in March this year.
Amazon India has mentioned in its regulatory filing that it is inflating its investment in the payments wing by at least five times. The company has also inflated its authorised capital for Amazon Pay from Rs 400 crore to Rs 2,000 crore.
The e-commerce company claims to have bagged 75 percent of all transactions via cash backs and other easy payment option on Amazon India during its festival sale.
Further, 60 percent of its transactions are led by e payment modes including net banking and Amazon Pay balance in 2017.
Amazon Pay enables its users to do bill payments, mobile recharges and booking movie tickets and online food ordering via its platform.
