Amazon Completes Axio Takeover to Boost Indian Fintech Presence
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Bengaluru / London (IT Boltwise)- Amazon has completed the takeover of the digital credit startup Axio to strengthen it’s presence in the rapidly growing Indian Fintech market. With an estimated transaction value of $200 million, Amazon aims to expand its financial services in India and to compete directly with competitors such as Flipkart.
amazon recently completed the takeover of the Bengaluru-based digital credit startup axio, previously known as Capital Float. This acquisition, finalized eight months after a final agreement in December 2024, represents one of Amazon’s largest acquisitions in India. The estimated transaction value amounts to around $200 million. With approval from the Reserve Bank of India (RBI),Amazon can now deepen its presence in the booming digital credit market in India,projected to reach a volume of $2.37 billion by 2030.
Axio, founded in 2013 by Gaurav Hinduja and Sashank Rishyasringa, has established itself as a key player in the Indian Fintech ecosystem. The company offers innovative financial products such as Buy Now, Pay Later (BNPL) programs, personal loans, and money management solutions. With over 10 million customers and managed assets worth around $260 million, Axio is a valuable addition for Amazon. Axio’s NBFC license is particularly important, enabling amazon to offer direct credit services without relying on third-party banks or NBFCs.
The takeover of Axio aligns with Amazon’s strategy to expand its financial services portfolio in India,where the company already has permits for issuing payment money exchanges and distributing insurance policies. Amazon’s relationship with Axio began with a $22 million investment through its smbhav Venture fund, followed by another $20 million in August 2024. This six-year partnership enabled Amazon to provide millions of customers access to loans, particularly through its Amazon Pay later service.
Axio’s acquisition comes at a strategic time,as Amazon’s rival Flipkart received its own NBFC license in June 2025,becoming the first e-commerce provider in India to offer direct loans. The acquisition positions Amazon to compete directly with Flipkart and other players in the BNPL space such as Zestmoney, Simpl, and LazyPay.By leveraging Axio’s customer base and technology, amazon plans to penetrate the Indian lending technology market, which is expected to have a potential of $1.3 billion by 2030.
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