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Amazon Infuses INR 1.5 bn in its Payments Arm

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Amazon infuses INR 1.5 billion in Amazon Online Distribution Services, the share capital in AODS has been increased to INR 4 billion from INR 0.69 billion.  The infusion was done in September last year. Increasing the authorised share capital means a higher number of stocks can be issued to raise funds after shareholder approval.
Amazon acquired payment gateway firm Emvantage in February last year, its first acquisition in India. Amazon rival Flipkart launched its wallet called PhonePe early last year. Flipkart is projecting it as a major business vertical. Amazon, via AODS, had also applied for a semi-closed wallet license with the RBI last year. An email to Amazon on the capital infusion did not elicit any response. Amazon India had in September 2015 started offering payments and logistics services, allowing merchants  to sell through their own websites using “Pay With Amazon”. Former Citibanker Sriraman Jagannathan was hired last year for the payments business. Read more

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Sweekar S

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