Amazon Pay India increased its authorized share capital fivefold to 20 billion rupees from 4 billion rupees, the Press Trust of India reported Oct. 3, citing a company document filed with the Corporate Affairs Ministry.
The company's board had approved the decision at an Aug. 25 extraordinary general meeting, according to the document.
Meanwhile, the company has also obtained approval to set up an online grocery business, where it plans to invest another US$500 million. Amazon's India platform is focusing on building warehouses, strengthening logistics and increasing product assortment.
Earlier this year, Amazon.com Inc. and Amazon Corporate Holdings injected 1.30 billion rupees into the Indian digital payments business.
As of Oct. 3, US$1 was equivalent to 65.47 Indian rupees.