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Amazon has agreed to acquire Indian buy now pay later startup Axio, deepening its push into financial services in one of its fastest-growing markets as it seeks to expand credit access to millions of underserved customers.
The US technology group, which has held an equity stake in Axio for six years, signed the acquisition agreement in December after completing due diligence, the Indian startup said in a blog post.
Financial terms were not disclosed. The Bengaluru-headquartered startup, formerly known as Capital Float, raised $232 million from investors including Peak XV Partners, Ribbit Capital, Elevation Capital over the years.
The startup, which specializes in providing small-sized credit to self-employed individuals and households, said it serves more than 10 million customers and has built a loan book of over $260 million.
More to follow.
Manish Singh is a senior reporter at TechCrunch, covering India’s startup scene and venture capital investments. He also reports on global tech firms’ India play. Before joining TechCrunch in 2019, Singh wrote for about a dozen publications, including CNBC and VentureBeat. He graduated in Computer Science and Engineering in 2015. He is reachable on manish(at)techcrunch(dot)com.
