Amazon Completes Acquisition of Axio Axio will continue to operate under its existing leadership while functioning as a subsidiary of Amazon.
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Amazon has finalised the acquisition of Axio, formerly known as Capital Float, after receiving approval from the Reserve Bank of India.
Axio is a Bengaluru-based digital lending and checkout finance provider that has been a long-term partner of Amazon Pay in India through its Buy Now Pay Later services for more than six years.
Although the companies have not disclosed the financial details, sources estimate the transaction to be valued at around USD 150 to USD 175 million in an all-cash deal. Over the years, Axio has raised USD 157 million in equity and USD 671 million in debt.
According to startup data platform TheKredible, Amazon already owned a 17.38 percent stake in the company. Apart from Amazon, Axio counts Decathlon and Xiaomi among its partners.
Mahendra Nerurkar, Vice President of Payments at Amazon, said, "With only one in six Indian customers having access to checkout financing, expanding access to credit remains a fundamental priority. Our partnership with Axio has already enabled us to provide credit to over 10 million customers. Combining Axio's lending expertise with Amazon's reach and technology will help expand responsible lending to millions more individuals and small businesses."
Axio will continue to operate under its existing leadership while functioning as a subsidiary of Amazon. Co-founders Sashank Rishyasringa and Gaurav Hinduja said the acquisition will support the company's goal of expanding digital lending to the next 100 million Indians.
In the last financial year, Axio reported a 50 percent growth in revenue, reaching INR 351 crore in FY24 compared to INR 235 crore in FY23. Losses also narrowed significantly, dropping to INR 18 crore from INR 137 crore in the previous year.
