Amazon.com has acquire EMVANTAGE Payments Pvt Ltd, a Noida-based online payment solutions provider for an undisclosed amount.
Srinivas Rao, director of Amazon Payments India said in a press release “EMVANTAGE is a valuable addition to our team as we accelerate our payment offerings, ensuring the best in class online payment experience anywhere that customers shop with us,”
As part of the deal, EMVANTAGE’s team will join Amazon’s payments team to develop solutions tailored for the Indian market.
The deal is expected to close in the first quarter of 2016. EMVANTAGE provides an online payment gateway, besides solutions around mobile payments and pre-paid card solutions.
Amazon had recently struck a deal to buy a 26 per cent stake in Westland Ltd, a subsidiary of Tata Group’s retail firm Trent Ltd and best known as the publisher of Indian authors including novelists Amish Tripathi and Ashwin Sanghi.
Amazon’s India e-tail platform saw its seller base grow 250 per cent. Its storage and fulfilment capacity in India saw a three-fold rise with 5 million cubic feet of storage capacity and 21 fulfillment centres, respectively. Jeff Bezos, Amazon founder is also committed to invest additional $5 billion investment into India.
The NASDAQ-listed company also crossed the $100 billion mark in annual sales for the first time in its 20-year history during the year ended December 31, 2015.