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Amazon India has acquired the Noida based payment gateway company Emvantage Payments for an undisclosed amount, reports NextBigWhat. Post acquisition, the Emvantage team will join Amazon India and its payment technology will be used on Amazon’s website.
As of now, Emvantage offers a payment gateway for businesses with features like a Facebook buy button, 3D secure merchant plug in, QR code based payment solutions, EMI payments option and a payment scheduler option. The platform charges a three-tiered payment plan, charging a percentage of the transaction of the fee depending on the plan selected. It also offers a custom plan for merchants with volumes higher than Rs 50 lakh. It’s not clear if these services will continue to be available independently post acquisition.
Note that Amazon recently added new funds worth Rs 1,980 crore (~ $290 million) into its Indian business unit. At the time, the company said that “We are very pleased with the growth momentum we are witnessing in India. In Q4-2015 we sold more than we did in all of 2014. We are committed to invest aggressively in the country with a long term horizon and transform the way India buys and sells.”
The recent fund addition comes after Jeff Bezos, founder and CEO of Amazon, pledged $2 billion in India, back in 2014 to support its growth and improve the customer & seller experience in the country. Amazon has been expanding across multiple product categories as well as acquiring and investing in various Indian companies.
Earlier this month, Tata Group’s publisher Westland raised an undisclosed amount of money from Amazon.com, while in December, Housejoy raised Rs 150 crore led by Amazon with participation from other investors. It also led a $60 million round of funding in BankBazaar in July last year.
New services: The company recently launched grocery delivery services in Bangalore, as well as a test preparation and info portal called Exam Central. In September, Amazon said it would soon launch Kindle with Indian language support, after having launched AmazonBasics, starting with electronics, in India the same month. The company also started selling refurbished smartphones from Surpluss in August last year.
Financials: The company reported a net profit of $482 million during Q4 2015, registering a 125% growth in net profits, from $214 million in the same quarter last year. The company also posted revenues of $35.75 billion in the same quarter—a growth of 21.88% from $29.33 billion in the same period last year.