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Home » Amazon to acquire fintech startup Axio for around $160 million
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Amazon to acquire fintech startup Axio for around $160 million

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Amazon to acquire fintech startup Axio for around $160 million

BENGALURU: E-commerce giant Amazon has entered into a deal to acquire Bengaluru-based digital lending startup Axio, formerly known as Capital Float, as part of its strategy to enhance its financial services offerings in India .
Axio, founded in 2013, allows individuals to benefit from a pay later or a credit offer on several terminals, Amazon being the largest. It works with a non-bank finance company (NBFC), offering loans through its own books and also co-lending partnerships with banks and other NBFCs.
Sources told TOI that the deal value is currently pegged at an enterprise value of $150-160 million and is subject to change. “The withdrawal is linked to several steps that Axio should follow at regular intervals,” one of the sources said.
Axio declined to comment on the structure of the transaction. In a blog post published Wednesday, the company said due diligence on the deal was completed in December. “The transaction will now await the required regulatory approvals,” it said.
An Amazon spokesperson told TOI that Axio had filed an application with the Reserve Bank of India for a change of control over Amazon and was awaiting approval.
This latest initiative builds on a six-year commercial and financial partnership between Amazon and Axio, focused on providing accessible and affordable credit to customers across India.
Axio said it serves over 10 million customers to date, with assets under management of Rs 2,200 crore and a gross non-performing assets (GNPA) ratio of 3%.
The acquisition is part of Amazon’s broader strategy to expand its presence in the financial services sector in India, with the aim of reaching more underserved customers and diversifying its offerings. This gives it greater control to balance customer experience and risk management.
Axio company, founded by Sashank Rishyasringa and Gaurav Hinduja, raised $20 million in an equity funding round from Amazon Smbhav Venture Fund in August last year to expand lending operations and broaden consumer finance use cases. credit unions and introduce more credit products, among other goals.
Prior to the latest funding round, Axio had raised over $130 million in equity and over $670 million in debt. Its other investors include Lightrock India, Peak XV Partners, Elevation Capital and Ribbit Capital.

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