US tech & e-commerce giant Amazon has invested fresh Rs 230 crore (~ US $33.58 Million) into its wallet Amazon Pay in India, as per filings with the Registrar of Companies (RoC) said The fresh investment comes within a few months of of Rs 195 crore invested the company has already done.

The e-commerce giant's payment vehicle, Amazon Pay, was launched in India in June of last year, and has invested a total of $700+ millions in Amazon Pay India.

The latest investment has been done by routing capital via Singapore-based Amazon Corporate Holdings and Mauritius-based Incs. Amazon Corporate was allotted 23 crore shares and Incs 22,977 shares at a face value of Rs 10 per equity share.

The filing further said the terms of the funding were compliant with Reserve Bank of India regulations and Foreign Exchange Management Act, 1999.

In India, Amazon Pay faces direct competition from Softbank & Alibaba-backed of Paytm, MobiKwik, Flipkart’s PhonePe and Axis Bank’s Freecharge. With this additional funds pumped in, the company would perhaps look at increasing its customer base. Since last year, the company has been on a drive to attract more customers, give cashbacks and have attractive offers with partners. Just last week on its fifth anniversary in India, Amazon India gave away plenty of cashbacks to users of Amazon Pay.

Besides India, the Amazon Pay service is available in U.S.A, France, Germany, Italy, Japan, Spain and the United Kingdo, as of June last year.

In India, Amazon Pay plans to build a fullstack payment play and recent acquisitions & tie-ups justify the same. Last year, Amazon Pay tied-up with IRCTC for booking train tickets and also tie ups with state governments to pay for traffic challans and other use cases such as payment of fees to educational institutions.

Additionally, Amazon Pay also has its presence on online food delivery players like Faasos and Box8 as well as home services application Housejoy

Coming on to acquisitions, in May, Amazon Inc has led the investment of about $8-10 million in a digital payments startup ToneTag. In the same month, Amazon also led $12 million funding round in Acko Technologies, which is a Insurtech startup headquartered in Mumbai. Prior to this, Amazon had invested $22 million in Capital Float, a Bengaluru headquartered digital lending startup.

Via - Times of India

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