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Amazon Pay Receives $33.5 Mn Funding Boost From Its Parent Entity

Amazon Pay Receives $33.5 Mn Funding Boost From Its Parent Entity

• Since May 2017, Amazon Pay has raised more than $100 Mn
• The fundraise comes just three months after an infusion of $30 Mn in March 2018
• Amazon Pay aims to add offline touchpoints as well as third-party online merchants

Amazon has invested $33.5 Mn (INR 230 Cr) in its digital payments arm Amazon Pay. The funds came from Singapore-based Amazon Corporate Holdings and Amazon.com.incs, as per RoC filings.

“Since May 2017, Amazon has invested more than $100 Mn (INR 685 Cr) in Amazon Pay.”

The latest fundraise comes just three months after an infusion of $30 Mn in March 2018. At that time, Amazon Pay India head Mahendra Nerurkar had said that the company would continue to invest aggressively in its digital payments arm over the next several months.

With the latest funding, Amazon is looking to increase traction on Amazon Pay with cashback offers for shopping on its site. During Prime Day sale, which kicked off on July 16, Amazon is offering cashbacks of INR 300. Also, on eve of its fifth anniversary last month, it offered INR 250 cash back to customers.

This shows the aggressiveness with which Amazon is aiming to penetrate the Indian market while competing with local digital payment biggies like Flipkart’s PhonePe and Paytm.

Amazon is also looking to push Amazon Pay beyond its platform to third-party online merchants as well as to offline touchpoints.

Recently, Amazon invested $5 Mn in digital payments company ToneTag. ToneTag is now looking to roll out new payment modes for Amazon in the next three to four months.

Amazon Pay started its journey in India in 2014. Here’s a quick look at its journey so far.

[The development was reported by ET.]

Author

Meha Agarwal

Inc42 Staff

Meha has engineering and MBA degrees, but she has always been a writer at heart. It was the perfect combination of utilising her research and analytical skills and her enthusiasm for writing that sparked her interest in writing about the Indian startup ecosystem – the latest tech and gadgets and the startups that create them. She is always on the lookout for industry-specific stories in niche areas of interest such as ecommerce, fintech, greentech and more.

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