Amazon Acquires Axio: A Major Move in India’s Lending Landscape
Amazon has officially finalized its acquisition of Axio, a Bengaluru-based non-banking lender, marking a significant expansion into India’s lending market. This strategic move, first announced in December, received the green light from the Reserve Bank of India in June.
About Axio: A Key Player in Fintech
Axio, a fintech company established 12 years ago, offers innovative digital credit and money management solutions tailored for retail consumers and small businesses. Since 2018, Axio has been linked with Amazon in providing payment and credit solutions, as reported by News.az and various foreign media outlets.
Enhancing Customer Experience with New Loan Offers
With this acquisition, Amazon aims to introduce a variety of new loan and credit options directly on its platform. Mahendra Nerurkar, Amazon’s Vice President for Payments in Emerging Markets, has indicated plans to offer funding options at checkout, in addition to exploring lending opportunities beyond Amazon’s ecosystem.
Strategic Move: Gaining an NBFC License
This acquisition also enables Amazon to operate under a non-banking financial company (NBFC) license, granting it the ability to lend directly. This model is anticipated to be more lucrative than partnering with traditional banks, a strategy that rivals like Flipkart have long pursued. Notably, Flipkart secured its own NBFC license earlier this year through Flipkart Finance.
Axio’s Continued Operations as a Subsidiary
Although Axio will be fully owned by Amazon and will operate as a subsidiary, the company will maintain its identity in the fintech market. Co-founder Gaurav Hinduja confirmed that Axio reported a loan portfolio valued at approximately 22 billion rupees (about $251 million) for the quarter ending in June.
Strengthening Amazon’s Presence in India
This acquisition bolsters Amazon’s growing footprint in India, where it already offers services such as Amazon Pay, insurance policies, and digital wallets. As of July 2025, Amazon Pay ranked as the ninth player in India’s Unified Payments Interface (UPI) landscape, according to the National Payments Corporation of India.
Looking Ahead: Future Prospects in India’s Fintech Sector
The acquisition of Axio underscores Amazon’s commitment to enhancing its financial services in the Indian market. With its direct access to lending, Amazon is poised to provide innovative financial products, reshaping how consumers and businesses manage their funds in a rapidly evolving fintech ecosystem.