The payments arm of Amazon online distribution solutions, Amazon Pay India has a capital infusion of $10 million (Rs 67 crore), less than a month after it obtained the banking regulator’s acceptance to function its own digital wallet in India, shows records registered by the company with the Registrar of Companies (RoC).
Amazon has capital infusion from Amazon Capital Holdings, Singapore, and Amazon.com Inc. Ltd on May 5, as per the records analyzed by BloombergQuint. The payments arm, which is managed by Amazon Online Distribution Services Pvt Ltd., has also been renamed to Amazon Pay (India) Pvt Ltd. The e-commerce player said it would help the speed up the payment interface for users, and accomplish “quicker refunds.”
Amazon had applied for a permit to function a digital wallet last year and was provided acceptance on March 22, valid for five years.
In India, Amazon has been increasingly concentrating on strategies off late: In May this year, Amazon said it is increasing its storage potential in the country by setting up seven new fulfillment centers by the end of the current quarter (Q2 2017), with a focus on larger equipment and furniture. Then there is the investment in its India logistics arm that we have described earlier. Last year, the organization had started out six fulfillment centers in Chennai, Mumbai, Delhi and Jaipur to increase its services. At the time it had described that 80% of suppliers in India used its fulfillment services. In all, the organization has increased its fulfillment ability to sellers by 26% in FY17.