Amazon Pay India bags $96m from its parent entities
Other than Singapore-based Amazon Corporate Holdings, the fresh capital also comes from Mauritius-based Amazon.com Inc. Ltd.
The latest investment comes after the payment unit received over US$184 million from both entities in January this year. To date, it has raised US$691 million from its parent companies since its inception in 2016.
Amazon is up against major rivals in India such as Flipkart, which just received
from its parent company Walmart. Reliance Industries’ Reliance Retail is another player in the space. The retail arm has raised US$5.1 billion from investors including Silver Lake, KKR, General Atlantic, Mubadala, GIC, TPG, and ADIA.
With new funds, these ecommerce companies will no doubt compete in the upcoming festival season in October and November in India, which could give a boost to digital payments.
Currency converted from Indian rupee to US dollar: US$1 = 7322 rupee.
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