“In December, after completing due diligence, we signed an agreement with Amazon for a proposed acquisition of Axio. The transaction will now await required regulatory approvals,” Axio said in a blog post.
Development follows Amazon Smbhav Venture Capital Fund lead a $20 million equity financing in Axio in August last year.
Amazon first supported Axio in 2018.
The acquisition is part of Amazon’s broader strategy to expand its financial services offerings in India.
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The Bangalore-based startup operates a non-bank finance company (NBFC), Capfloat Financial Servicesand also works through co-lending partnerships with banks and other NBFCs.
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Axio has served over 10 million customers and manages assets worth Rs 2,200 crore, he said. In 2021, Axio raised $50 million in equity, led by Lightrock Indiaas well as participation from existing and new investors, at a post-financing valuation of $201 million, according to Tracxn.
Other investors in Axio include Peak XV Partners, Elevation Capital and Ribbit Capital.