Indian BNPL firm Axio lands $20m equity investment from Amazon fund
Axio, an Indian digital consumer finance company, has raised $20 million in equity funding through the Amazon Smbhav Venture Fund.
Amazon-based Axio raises $20 million in equity
Bengaluru-based Axio currently enables e-commerce merchants to embed pay later, credit and personal finance management services within online checkouts.
Since its inception in 2013, the fintech claims to have served over 15 million customers through a network of more than 3,000 merchants across India.
The fintech – formerly known as Capital Float – will apply the equity to “support further growth, including scaling lending operations, expanding use cases of checkout finance, and offering more credit products to customers over their lifecycles”.
“This investment will enable us to further scale our loan book, enhance our checkout finance offering, and expand credit offerings to existing customers,” according to a joint statement released by Axio co-founders, Sashank Rishyasringa and Gaurav Hinduja.
“By combining product innovation with robust underwriting and risk controls, we aim to unlock access to credit for the next 200 million customers across India.”
The funding adds to the $671 million in debt and $137 million in equity already secured by Axio to date, including a $50 million Lightrock India-led round closed in October 2021.
Aside from Amazon and Lightrock, other backers include Sequoia Capital India, Ribbit Capital, Creation Investments, Peak XV and Elevation Capital.
