Amazon invests Rs 450 Crores in Amazon Pay!

Online biggest retailer Amazon has invested Rs 450 crores in its digital payments method Amazon Pay (India). This funding would help Amazon Pay to compete with legends like PhonePe, Paytm and Google Pay.

According to regulatory documents filed by Amazon, the funding came from Singapore-based Amazon Corporate and Mauritius-based entity Amazon.com.

Amazon Pay got the capital infusion on June 6 by offering 45 crores equity shares. It has increased its investment in India this month as it pumped in Rs 2,800 crores into its marketplace.

In December last year, Amazon invested Rs 2,200 crores into its Indian entity. According to financial services company Credit Suisse report, the digital payments space in India is expected to reach $1 trillion by 2023.

So, we can firmly say that this step taken by Amazon now would definitely benefit it in the future!