Fresh investment comes at a time when CCI has ordered an investigation against Amazon and Walmart-owned Flipkart on complaints of deep discounting practices and tie-ups with preferred sellers
Ahead of Jeff Bezos’ visit, the world’s largest online retailer Amazon.com Inc has stepped up its investment in India. The Seattle-headquartered firm has pumped in a total investment of Rs 1,715 crore into its digital payments arm Amazon Pay (India) Pvt Ltd and Amazon Wholesale (India) Pvt Ltd.
The funding is expected to help Amazon tap India’s booming digital payments market, compete with Walmart-owned PhonePe, Alibaba-backed Paytm, and Google’s mobile payment service Google Pay. The funding would also help it to take on its rival Flipkart with whom the company is in a fierce battle for dominance in India’s online retail market.
Amazon Pay (India) allotted 135.50 crore equity shares of Rs 10 each aggregating to Rs 1,355.00 crore at par on rights basis to the existing shareholders of the company, according to the regulatory documents filed by Amazon, which were sourced from business signals platform Paper.vc. Also, Amazon Wholesale (India) Pvt. Ltd., allotted 36 crore equity shares of Rs 10 each aggregating to Rs 360 crore to the same existing shareholders of the firm on rights basis. The resolution for this capital infusion was passed by the board of directors of both the entities from December 30-31, 2019..
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