Amazon Pay India Private Limited, the online payment business of e-commerce giant Amazon, has received a fund infusion of Rs 450 crore. As per regulatory filings accessed by Tofler, the payment platform has allotted 45 crore equity shares, aggregating to Rs 450 crore to Amazon Corporate Holdings Pvt Ltd and Amazon.com.inc Ltd.
Amazon Corporate Holdings Pvt Ltd has been allotted 449,955,036 equity shares, while Amazon.com.inc Limited received 44,964 equity shares. The shares were allotted on September 17, 2021.
As reported earlier, Amazon Pay India had received Rs 2,705 crore in the financial year 2020 from Amazon Corporate Holdings Private Limited and Amazon.com.inc Limited.
According to its FY20 annual filing, Amazon Pay India had seen a 55.4% increase in its advertising promotion expenses at Rs 2212.7 crore for the fiscal ended 31st March 2020 compared to Rs 1423.8 crore in the previous fiscal. Total expenses excluding depreciation jumped to Rs 3234.8 crore from Rs 1994.9 crore. The company had widened its net loss to Rs 1,868.5 crore from Rs 1,160.8 crore in the previous fiscal. The company's operating loss stood at Rs 1918.7 crore.
Amazon Pay had seen a 64% growth in its revenue at Rs 1,370 crore compared to Rs 834.5 crore. The company earns revenue from rendering of services primarily represents transaction fees/commission fees earned from payment processing and joint promotion services.