Amazon has agreed to buy it. Indian buy now pay later startup AxioIt has made a deep push into financial services in one of its fastest-growing markets, seeking to expand access to credit to millions of customers with low balances.
The US technology group, which has held a stake in Axio for six years, signed the acquisition agreement in December after due diligence, the Indian startup said in a blog post.
Financial terms were not disclosed. Peak XV Partners, a Bengaluru-headquartered startup formerly known as Capital Float; Ribbit Capital; It raised $232 million from investors including Elevation Capital.
The startup, which specializes in providing microloans to self-employed people and households while selling on major e-commerce platforms including Amazon and MakeMyTrip, has reportedly served more than 10 million customers and built a loan book. 260 million dollars.
Axio is among a group of Indian startups operating in a market where access to traditional credit is still limited – India has low credit card penetration and traditional banks often find small ticket loans unprofitable.
The startup sought to address this gap by building a regulated lending platform that quickly assesses credit worthiness, allowing credit decisions to be made “within two clicks and five seconds”. But like other startups in the category, Axio is struggling to maintain its growth. Goldman Sachs-backed ZestMoney, which operated in a similar space and was once valued at $450 million, also struggled and eAt the fire sale, a traditional company was meticulously picked up..
Axio is the second startup bought by Amazon in India and has spent over $10 billion to date. Amazon acquired. MX Player, an on-demand video streaming service, launched in June last year
More to follow.