Business Standard

Wednesday, January 29, 2025 | 09:17 PM ISTEN Hindi

Notification Icon
userprofile IconSearch

Amazon to acquire fintech firm Axio to expand credit services in India

Information about deal size for Bengaluru-based firm not disclosed

Amazon

Amazon has acquired nine companies in India since 2016, according to data from market intelligence platform Tracxn shows. (Photo: Shutterstock)

Ajinkya Kawale Mumbai

Listen to This Article

Amazon is set to acquire Bengaluru-based fintech firm Axio, enabling the e-commerce giant to expand credit-based offerings to its customers in India.
 
Information about the deal size and shareholding pattern was not disclosed. 
 
“In December, after successful completion of due diligence, we signed an agreement with Amazon for a proposed acquisition of Axio. The transaction will now await the required regulatory approvals,” said Axio in a company blog post.
 
Amazon has acquired nine companies in India since 2016, according to data from market intelligence platform Tracxn shows. 
 
“axio has filed an application with the regulator (RBI) for a change in control to Amazon and is awaiting approval. Post approval, Amazon’s proposed acquisition of axio would be completed,” an Amazon spokesperson said in a statement. 
 
 
Axio has assets under management of Rs 2,200 crore and 3 per cent gross non-performing assets (GNPA). It has served more than 10 million customers. In August last year, it raised $20 million in equity funding from the Amazon Smbhav Venture Fund to expand credit products.
 
Axio had raised a total of $232 million in funding, Tracxn data shows. 
 
In 2018, it raised $22 million in equity funding from Amazon and other existing investors including Ribbit Capital, SAIF Partners, Sequoia, and others.
 
In 2017, it partnered with Amazon India to extend loans to e-sellers with a collateral free credit facility.
 
Axio's services include buy now pay later, credit and personal finance management tools. It also enables businesses to onboard customers and manage sales. 
 
Gaurav Hinduja and Sashank Rishyasringa founded the company in 2013. It was previously known as Capital Float.
 

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Jan 16 2025 | 2:37 PM IST

Explore News