Amazon to Acquire Axio for $150-160 Million

Amazon is set to acquire the Bengaluru-based digital lending startup Axio, formerly known as Capital Float, as part of its strategy to enhance financial services in India. The acquisition, valued at approximately $150-160 million, was finalized in December following due diligence and is pending regulatory approval from the Reserve Bank of India. Axio, which provides 'buy now, pay later' services and small-sized credit to underserved individuals, has been a partner of Amazon since 2018, with Amazon holding a significant equity stake. The acquisition aims to extend Amazon's reach in India's financial sector, focusing on accessible credit solutions. Axio, with over 10 million customers and an asset under management of Rs 2,200 crore, operates with a non-banking finance company license. This move aligns with Amazon's investment strategy in fintech, complementing its previous investments in companies like Acko and BankBazaar.