Amazon has pumped in additional $30 million in its Indian digital payments arm, Amazon Pay
Bengaluru, 13th Nov, 2018. RedNewswire/-
Amazon Pay, the payments wing of e-commerce giant Amazon, has received funds worth $30 mn from the parent brand. This investment is followed by Rs 590 crore infusion made by Amazon. Apart from this, the arm already received Rs 230 crore in July and Rs 195 crore in March this year.
In the recent festive season Amazon India registered 75% digital transactions thanks to Amazon Pay, through which the company offered large cashbacks and other easy payment options.
Amazon Pay’s options for mobile service recharges are also attracting a high number of new customers to the platform. The payments arm saw a significant jump in revenue to Rs 394 crore in financial year 2017-18, a 5,100% annual increase. But its loss for the year increased by 88 per cent to Rs 334 crore owing to Rs 264 crore expenditure on ads and promotions.