Amazon infuses Rs 350 crore into India payments business amid growing competition

US ecommerce giant Amazon has infused Rs 350 crore into Amazon Pay India, as the fintech arm looks to step up its game against leading payment companies such as PhonePe and Google Pay.Amazon Pay India has allotted 3.5 crore equity shares to its parent entities Amazon Corporate Holdings Private Limited and Amazon.com through a rights issue, regulatory filings with the Registrar of Companies (RoC) showed.

ET has reached out to Amazon India seeking comments.

This investment follows a Rs 300 crore fundraising in November 2024 and a Rs 600 crore infusion in…