New Delhi, Oct 3 (PTI) Amazon Pay India, which competes with the likes of Paytm and Flipkart’s PhonePe, has increased the authorised share capital of the company by five times to Rs 2,000 crore, as per the documents filed with the Corporate Affairs Ministry.
Authorised share capital refers to the highest level of share capital that a company can allocate to its shareholders.
“The authorised equity share capital of the company is increased from Rs 400 crore divided into 40 crore equity shares of Rs 10 each to Rs 2,000 crore, divided into 200 crore equity shares of Rs 10 each,” the documents said.
The resolution was passed at the company’s extraordinary general meeting on August 25, 2017, as per the documents.
Earlier this year, Amazon Corporate Holdings and Amazon.com.incs had pumped in Rs 130 crore into Amazon Pay India.
The funding would help Amazon Pay expand its operations in the country and compete head-on with the likes of PhonePe and Alibaba-backed Paytm, industry watchers had said.
India is one of the big bets for e-commerce giant, Amazon. The US-based firm has already pumped in over Rs 2,000 crore (over USD 310 million) in India this year as part of efforts to consolidate its position in the country and fend off local rivals like Flipkart.
These funds were pumped into Amazon’s online marketplace business as well as the wholesale business in India.
The company has also received a nod to set up an online grocery business, where it has proposed to invest another USD 500 million.
Amazon founder Jeff Bezos has committed investments to the tune of USD 5 billion into the Indian market.
Amazon India, which recently completed four years of operations, has been directing its investments towards building warehouses, strengthening logistics and increasing product assortment.
This is published unedited from the PTI feed.