Amazon has officially completed the acquisition of Axio (formerly Capital Float), a Bengaluru-based digital lending and checkout finance provider, after receiving approval from the Reserve Bank of India (RBI).
The deal, reportedly valued between $150–175 million in an all-cash transaction, strengthens Amazon’s financial services play in India. The e-commerce giant already held a 17.38% stake in Axio and has partnered with the company for over six years to power Buy Now Pay Later (BNPL) services for Amazon Pay customers.
Founded by Sashank Rishyasringa and Gaurav Hinduja, Axio has raised $157 million in equity and $671 million in debt from investors including Amazon, Decathlon, and Xiaomi. The company has enabled credit access for more than 10 million customers in India.
“With only 1 in 6 Indian customers having access to checkout financing, growing access to credit is a fundamental priority for Amazon,” said Mahendra Nerurkar, VP, Payments at Amazon. “Axio’s lending expertise combined with Amazon’s technology and reach will help expand responsible lending to millions more customers and small businesses.”
Axio will continue to operate under its existing leadership while integrating as a subsidiary of Amazon. The co-founders said the acquisition would help scale credit access to the next 100 million Indians.
Financially, Axio reported a 50% YoY jump in revenue to ₹351 crore in FY24, while cutting losses sharply to ₹18 crore from ₹137 crore in FY23.
The acquisition underscores Amazon’s broader push into fintech and digital credit, positioning it to compete with other BNPL and lending players in India’s fast-evolving digital payments market.
By: Arushi Agarwal
