Amazon invests in India aggressively
Shital Jibhe / 12 Jan 2017
Amazon Online Distribution Services (AODS), an arm of the authorised share capital of Amazon's payment business, has been increased to Rs 400 crore from Rs 69 crore, and indicates Amazon's desire to build a bigger payments business in India.
Amazon Online Distribution Services (AODS), an arm of the authorised share capital of Amazon's payment business, has been increased to Rs 400 crore from Rs 69 crore, and indicates Amazon's desire to build a bigger payments business in India.
The step was taken after the company received an amount of Rs 150 crore. The infusion was done last year in September. More stocks can be issued by increasing the authorised share capital after the shareholders' approval.
In February last year, Amazon acquired a payment gateway firm, Emvantage as its first acquisition in India. Its rival, Flipkart has launched a wallet named PhonePe early last year. Amazon also has applied to RBI for a semi-closed wallet license last year, named AODS.
Merchants can sell through the Amazon's website using the facility “Pay With Amazon”, which it started in September 2015.
The expected payment market in India is expected to grow to $500 billion by 2020, according to a study done by Google and consulting firm, BCG. The core commerce business of Amazon India is run by Amazon Seller Services, which has been aggressively investing in India. The company received over Rs 7,000 crore last year.
All big e-commerce companies have ventured into the payments business. In April 2015, Snapdeal acquired Freecharge.
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