Categories: Analysis

Amazon invests $20 million in Indian BNPL company Axio

Indian buy now, pay later company Axio has received a $20 million equity investment from Amazon’s Smbhav Venture Fund.

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Formed from a merger of Capital Float, Walnut and Walnut369. Axio enables eCommerce storefronts to embed credit financing and money management tools at checkout.

The company, which has nine million credit customers and 3,000 merchants, forms the backbone of Amazon’s Pay Later services in India and offers customers payment terms between three and 12 months.

Axio co-founders Sashank Rishyasringa and Gaurav Hinduja state: “This investment will enable us to further grow our loan portfolio, improve our checkout financing offering and expand the loan offering to existing customers.”

“By combining product innovation with robust underwriting and risk controls, we aim to provide access to credit to the next 200 million customers across India.”

Since its founding in 2013, Axio has raised $671 million in debt and $137 million in equity from a variety of notable investors, including Creation, Elevation, Ribbit Capital, Sequoia and Lightrock.

David Brooks