axio Secures $20 Million from Amazon Smbhav Venture Fund to Scale Operations and Expand Credit Offerings
- ByStartupStory | August 23, 2024
Consumer finance startup axio has successfully raised $20 million in equity funding from Amazon Smbhav Venture Fund. This strategic investment is set to bolster axio’s lending operations, checkout finance options, and credit products, according to a recent company release.
Formerly known as Capital Float, axio has made significant strides in the consumer finance sector, primarily through its ‘pay later’ services, which are offered via partnerships with leading ecommerce platforms. In addition to this, the startup provides credit and personal finance management solutions. Currently, axio serves a robust customer base of 10 million, with over 60% of its clientele hailing from non-metro areas. The company reported annualized disbursals of $1 billion, reflecting its strong market presence.
“This investment will enable us to further scale our loan book, enhance our checkout finance offering, and expand credit offerings to existing customers,” said co-founders Sashank Rishyasringa and Gaurav Hinduja in a joint statement. “By combining product innovation with robust underwriting and risk controls, our aim is to unlock access to credit for the next 200 million customers across India,” they added.
Abhijeet Muzumdar, Vice President and Head of Amazon Smbhav Venture Fund and Corporate Development, emphasized the importance of this investment in axio’s growth trajectory. “This investment and our long-term relationship reflect our belief in axio’s ability to provide credit products and will enable them to expand innovative financial services products to more customers while upholding responsible risk management.”
axio has been a key player in the financial sector, having raised $137 million in equity and $671 million in debt prior to this funding round. In 2021, the company secured $50 million in an equity funding round led by Lightrock India, with additional participation from both existing and new investors. Among Axio’s previous investors are Peak XV (formerly Sequoia India), Elevation Capital (formerly SAIF Partners), Ribbit Capital, and Amazon Smbhav Venture Fund.
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