Amazon is set to acquire Bengaluru-based fintech firm Axio, a move that will enable the e-commerce giant to expand its credit-based offerings to customers in India. While details about the deal size and shareholding pattern remain undisclosed, the acquisition marks another step in Amazon’s growing commitment to financial services in the region.

“In December, after successful completion of due diligence, we signed an agreement with Amazon for a proposed acquisition of Axio. The transaction will now await the required regulatory approvals,” Axio announced in a company blog post.

Amazon has been steadily expanding its footprint in India’s startup ecosystem. According to data from market intelligence platform Tracxn, this acquisition would be Amazon’s ninth in India since 2016. “Axio has filed an application with the regulator (RBI) for a change in control to Amazon and is awaiting approval. Post approval, Amazon’s proposed acquisition of Axio would be completed,” an Amazon spokesperson said in a statement.

Axio, which has assets under management worth ₹2,200 crore and a gross non-performing assets (GNPA) ratio of 3 per cent, has served more than 10 million customers to date. The company’s credit and personal finance offerings include “buy now, pay later” services, as well as tools for credit and personal finance management. Additionally, Axio enables businesses to onboard customers and manage sales seamlessly.

The fintech firm, previously known as Capital Float, has a history of collaboration with Amazon. In 2017, it partnered with Amazon India to offer collateral-free credit facilities to e-sellers. A year later, it raised $22 million in equity funding from Amazon and other existing investors, including Ribbit Capital, SAIF Partners, and Sequoia.

In August 2024, Axio secured $20 million in equity funding from the Amazon Smbhav Venture Fund to expand its credit product offerings. Tracxn data indicates that Axio has raised a total of $232 million in funding since its inception.

Founded in 2013 by Gaurav Hinduja and Sashank Rishyasringa, Axio has been a significant player in India’s fintech sector, offering innovative financial solutions tailored to meet the needs of a diverse customer base. With this acquisition, Amazon is poised to strengthen its presence in the country’s burgeoning digital lending market.