💰 Amazon invests $20M in Axio
Amazon’s Smbhav Venture Fund has invested $20M in Indian BNPL firm Axio. Axio was formed from the merger of Capital Float, Walnut, and Walnut369. It powers pay later services for Amazon India, offering customers flexible payment terms ranging from 3 to 12 months. This partnership strengthens Amazon’s ability to offer more convenient payment options at checkout in India, particularly in e-commerce.
🚀 Axio’s rapid growth and impact
Since its founding in 2013, Axio has grown significantly, now boasting 9M credit customers and 3,000 partner merchants. With $671M raised in debt and $137M in equity, the company has attracted major investors like Ribbit Capital, Sequoia, and Elevation. Axio’s key role in facilitating credit financing at checkout has positioned it as a crucial player in India’s growing digital commerce sector.
📈 Plans for the future
Axio’s co-founders, Sashank Rishyasringa and Gaurav Hinduja, stated that Amazon’s $20M investment will be used to scale their loan book, enhance their checkout financing solutions, and expand their credit offerings to reach more customers. Their ambitious goal is to extend credit access to 200M customers across India. “We aim to unlock access to credit for the next 200 million customers,” they emphasized.
🌍 BNPL in the Indian market
BNPL services have gained traction in India due to rising digital adoption and consumer demand for flexible payment options. Axio, with its strong backing from investors and strategic partners like Amazon, is well-positioned to lead this market. The partnership not only strengthens Axio’s offerings but also enhances Amazon’s foothold in the competitive Indian e-commerce space.
Will Amazon’s investment make Axio a leader in India’s BNPL?
