Axio, an online lending platform based in Bengaluru and previously known as Capital Float, has secured Rs 167 crore (around $20 million) in funding from the Amazon Smbhav Venture Fund. The capital will be used to scale their lending operations, broaden the scope of checkout finance, and introduce additional credit products throughout customers' lifecycles.
Established in 2013 by Gaurav Hinduja and Sashank Rishyasringa, Axio operates under CapFloat Financial Services Private Limited, an NBFC regulated by the Reserve Bank of India (RBI). The company provides various financial services, including pay-later options, credit, and personal finance management.Previously, Axio raised $50 million in equity funding in 2021, led by Lightrock India and supported by other investors. Besides Amazon, the company is also supported by Peak XV (formerly Sequoia India), Elevation Capital (formerly SAIF Partners), and Ribbit Capital.The co-founders expressed their gratitude for the investment, noting that it will help expand their loan offerings, improve checkout finance, and extend credit options to their customer base. Their goal is to enhance access to credit for 200 million more people across India by leveraging product innovation and stringent underwriting and risk management.
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