Tech giant Amazon has signed an agreement to acquire Indian Buy Now Pay Later (BNPL) startup axio. Financial details were not disclosed.
The deal, which is still awaiting regulatory approval, follows a successful six-year partnership between the two companies.
axio has been providing accessible and affordable credit to its customers across India for a decade.
The company says it has served over 10 million customers to date, with assets under management (AUM) of Rs. 2,200 crore ($254.1 million) and a gross non-performing assets (GNPA) ratio of 3%.
The acquisition is expected to help axio reach more underserved customers and diversify its offerings.
Amazon’s expertise in technology and e-commerce should also benefit axio.
axio said in a statement:
“We are excited by what lies ahead and the opportunities to create meaningful change.
For now, it’s back to business as we remain committed to our mission and the partners and customers we serve.
The acquisition is expected to be completed in the coming months, subject to necessary approvals.
Featured image credit: edited from Freepik