Amazon Pay India that fights with the likes of Flipkart’s PhonePe and Paytm has elevated the authorized share fund of the firm by 5x to Rs 2,000 Crore, according to the papers filed with the Ministry of Corporate Affairs.
Authorized share funds indicates to the biggest level of share fund that a firm can assign to its stakeholders. “The authorized equity share fund of the firm is elevated to Rs 2,000 crore shared into 200 Crore equity shares of Rs 10 each, from Rs 400 Crore shared into 40 Crore equity shares of Rs 10 each,” the paper claimed. The resolution was approved at the unexpected general meeting of the company held on August 25, 2017, according to the documents.
Previously this year, Amazon.com.inc and Amazon Corporate Holdings invested almost Rs 130 Crore in Amazon Pay India. The funding might assist Amazon Pay extend its processes in the nation and fight head-on with the likes of Alibaba-supported Paytm and PhonePe, industry sources had claimed to the media in an interview with the condition of being unnamed. India is one of the huge gambles for Amazon, the e-commerce major. The US-located company has previously invested in more than Rs 2,000 Crore (more than USD 310 Million) in India in 2107 as fraction of attempts to unite its place in the nation and ward off domestic rivals such as Flipkart.
These funds were invested into wholesale business of Amazon as well as the online marketplace business in the country. The firm has also got a green signal to set up an online grocery commerce, where it has projected to pump in more USD 500 Million. Jeff Bezos, the founder of Amazon, has pledged investments into the Indian market to the range of USD 5 Billion.
Amazon India, which lately concluded 4 years of operations, has been directing its spends towards strengthening logistics, building warehouses, and increasing assortment of product. Well, it seems that Amazon is all set to take a huge jump in the Indian market. And from the efforts that it has been taking, it seems that the company will be victorious.