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

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.

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, according to data from market intelligence platform Tracxn. 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.