Amazon invests ~450 cr in India digital payments arm

Amazon has invested ~450 crore in its Indian digital payments business, ahead of the festive season and buttressing its competition with Walmart-owned Phonepe, Alibaba-backed Paytm, and Google’s mobile payment service Google Pay. The funding for Amazon Pay came from Singapore-based Amazon Corporate Holdings and Mauritius-based entity Amazon.com, according to regulatory documents sourced by business intelligence platform Tofler. Amazon Pay got the capital infusion on September 17 by allotting 450 million equity shares of ~10 each.