Amazon has announced its acquisition of Bengaluru-based fintech company Axio, formerly known as Capital Float, marking a significant expansion of its financial services footprint in India. The agreement, finalized in December 2024, is currently pending approval from the Reserve Bank of India (RBI).
Axio, established in 2013, initially focused on providing financial solutions to small and medium-sized enterprises (SMEs). Over time, it transitioned to a consumer-centric model, offering innovative credit options such as buy-now-pay-later (BNPL) services and credit management tools. The company operates its lending services through its non-banking financial company (NBFC), CapFloat Financial Services, and has integrated its offerings into major e-commerce platforms, including Amazon and MakeMyTrip.
As of the fiscal year 2024, Axio reported a 50% increase in revenue, reaching ₹351 crores (approximately $42 million), while net losses decreased by 86% to ₹18 crores. The company has served over 10 million customers and manages assets worth ₹2,200 crores (approximately $266 million).
This acquisition builds upon a six-year partnership between Amazon and Axio, centered on delivering accessible and affordable credit to customers across India. Amazon’s investment aims to enhance its financial services offerings, particularly in the BNPL segment, by leveraging Axio’s established infrastructure and customer base.
The financial terms of the deal have not been officially disclosed; however, reports suggest that the acquisition is valued at approximately $150 million.
This move aligns with Amazon’s broader strategy to deepen its presence in India’s fintech sector, following its previous acquisition of Emvantage and investment in Axio through the Smbhav Venture Fund.
The successful completion of this acquisition is expected to enable Amazon to offer more diversified and inclusive financial products to its Indian customers, fostering greater financial inclusion and convenience in the rapidly evolving digital economy.
