Amazon infuses Rs 1,000 crore into India payments unit

Amazon has infused Rs 1,000 crore into its payments unit in India, Amazon Pay, according to regulatory documents.

The fresh infusion is expected to help the company compete more aggressively against rivals like PhonePe, Google Pay and Paytm.

The shares were allotted to Amazon Corporate Holdings Private Limited and Amazon.com.incs Limited, the documents filed with the corporate affairs ministry and sourced by business intelligence platform Tofler, showed.

The date of allotment was October 20, 2021, it added. Amazon did not respond to emailed queries.

In April this year, Amazon Pay had received an infusion of Rs 225 crore.