- Amazon Pay India revenue grew by 64% to Rs 1,370 crore in 2019-20 fiscal (FY-20) year.
- While its net losses also increased by 61% to Rs 1,868 crore.
- Since its launch in India, The company has been focusing on growth and customer acquisition.
E-commerce major Amazon digital payments company Amazon Pay India has reported an increase in revenue by 64% to Rs 1,370 crore in 2019-20 fiscal (FY-20), while its losses also went up by 61% to Rs 1,868 crore.
In the 2018-19 fiscal (FY-19) year, Amazon Pay India had reported total revenue of Rs 834 crore, with the losses stood at Rs 1,160 crore, according to the Tofler report.
During the FY-20, Amazon Pay India’s overall expenses stood at Rs 3,238 crores, compared to Rs 1,995 crore in the last FY-19. The company saw a 61% increase if compared to the previous year’s financial data.
According to the reports, Amazon Pay India’s operating revenues range is over Rs 500 crore for the financial year ending on 31 March 2020. It’s EBITDA has decreased by -60.67 % over the previous year. The company employees’ remuneration stood at Rs 119.4 crore in the FY-20.
In September 2020, Amazon Pay India revised its authorized share capital from Rs 6,000 crore to Rs 16,000 crore.
Earlier in October 2020, IndianStartupNews had reported that Amazon Pay India had received a capital infusion of Rs 700 crore from parent Amazon Corporate Holdings and Amazon Inc. Mauritius. Till date, Amazon Pay India had raised over Rs 5,000 crore from its holding companies.
Since its launch in India, The company has been tremendously focusing on business growth and customer acquisition. Last year, It had launched its Unified Payments Interface (UPI)-based person-to-person (P2P) payments to continue acquiring newer users and offering cashback to rope in new customers.
In July this year, Amazon Pay India partnered with Acko General Insurance to offer insurance for two- as well as four-wheelers. With that partnership, The company equipped customers to pay insurance premiums using Amazon Pay balance, UPI, or any saved card, in a bid to add more payment use-cases on its payment platform.
In April 2020, Amazon Pay had launched ‘Amazon Pay Later’ service in India, which provides instant virtual credit to eligible customers. For this, It had partnered with digital lender Capital Float and The Karur Vysya Bank (KVB).
Amazon also recently partnered with IRCTC (Indian Railway Catering and Tourism Corporation) to provide its customers with the facility to book train tickets on the Amazon Pay platform.
Amazon Pay competes with Google Pay, Paytm, PhonePe, among several other digital payments platform.