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Amazon Pay gets ₹230 cr. from parent

July 16, 2018 10:16 pm | Updated 10:16 pm IST - NEW DELHI

PTI

E-commerce major Amazon has pumped in ₹230 crore in its Indian payments arm, Amazon Pay, as it looks to strengthen its operations in the country and compete head-on with the likes of Flipkart’s PhonePe and Alibaba-backed Paytm.

According to documents filed with the Registrar of Companies (RoC), Amazon Pay (India) has allotted 23 crore equity shares worth ₹230 crore to existing shareholders — Amazon Corporate Holdings and Amazon.com.incs — on a rights basis.

The global e-commerce major added that the resolution was approved on June 28, 2018.

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