Amazon invests ₹450 crore in India payments unit

American retail giant Amazon has infused ₹450 crore into its payments unit in India — Amazon Pay, according to regulatory documents.

Amazon Pay (India) has allotted 45 crore shares of ₹10 each aggregating to ₹450 crore to Amazon Corporate Holdings and Amazon.com.incs Ltd, documents filed with Corporate Affairs Ministry showed.

The documents, sourced by business intelligence platform Tofler, said the date of allotment was June 6, 2019.

Amazon Corporate Holdings has pumped in ₹449.95 crore, while the remaining came from Amazon.com.incs Ltd. E-mails sent to Amazon India did not elicit a response.

The funding comes at a time when companies like Paytm, Flipkart-owned PhonePe, Google Pay and others are making significant investments to tap into the booming digital payments market in India.

Many of these firms have been offering significant cashbacks to woo customers to use their platforms to make payments for utilities and shopping.