Amazon Pay revenue grew 64% to Rs 1,370 crore, losses increase 61%

Amazon Pay (India) Private Limited, the digital payments arm of the e-commerce giant reported its revenues for the financial year 2019-20 as Rs 1,370 crore, a 64 per cent jump since the last financial year. The company further reported a net loss of Rs 1,868 crore during the same fiscal. This is a 61 per cent increase from the last financial year, show regulatory documents sourced from business intelligence platform Tofler. The company’s total expenses for the fiscal were reported as Rs 3,238 crore.

The payments arm competes with rivals Walmart-owned PhonePe, Alibaba-backed Paytm, and Google’s mobile payment service Google Pay. After the closure of the financial year 2019-20, the firm has revised authorised share capital from Rs 6,000 crore to Rs 16,000 crore in an extraordinary general meeting held in September this year.