Amazon Pay India's revenue grows 29% YoY to Rs 1,769 crore in FY21

The company reports a net loss of Rs 1,516 crore during the same fiscal

Amazon Pay (India) Private Limited, the digital payments arm of the e-commerce firm, reported its revenues for the financial year 2020-21 as Rs 1,769 crore. This is a 29 per cent jump since the last financial year, show regulatory documents sourced from business intelligence platform Tofler. The company further reported a net loss of Rs 1,516 crore during the same fiscal. This is a 19 per cent decrease from the last financial year. The company’s total expenses for the fiscal were reported as Rs 3,285 crore.

According to Tofler,  online retailer Amazon has also invested Rs 1000 crore in Amazon Pay (India). The funding came from Singapore-based Amazon Corporate and Mauritius-based entity Amazon.com.Amazon Pay got the capital infusion on October 20, by offering 100 crore equity shares.

Amazon Pay, is rapidly scaling up its e-payments, credit and financial services across the country. The firm is speedily making inroads into India’s booming digital payment market including tier-2 and 3 cities and towns, where it is witnessing very strong growth and competing with Walmart-owned PhonePe, Alibaba-backed Paytm, and Google Pay.

Amazon Pay UPI (Unified Payments Interface) has recently added 5 crore customers in India. Amazon Pay is offering daily rewards through the company’s month-long festive sale event Great Indian Festival to all customers using Amazon Pay UPI for shopping, paying bills, paying at online merchants, and sending money to their contacts. Customers are using the Amazon app to pay at 2 crore local shops by simply scanning any UPI QR (quick response) code. In the last year, over 75 per cent of its customers using Amazon UPI have come from tier 2 and 3 cities.

Amazon Pay and MakeMyTrip India, a fully owned subsidiary of MakeMyTrip Limited (MMYT), India’s leading travel group, recently announced a strategic long-term partnership to offer travel services on Amazon.in which includes its suite of mobile apps and websites. The partnership will help Amazon Pay create a convenient experience and provide greater value for its customers with access to MakeMyTrip’s best in class travel offerings.