E-commerce giant Amazon is now expanding its financial services presence in India with the acquisition of Axio, a Bengaluru-based fintech company that specializes in consumer lending. Axio, previously known as Capital Float, confirmed the development. In a statement, the homegrown fintech firm revealed that the acquisition agreement was finalized in December 2024, following extensive due diligence, and is currently awaiting the green light from the Reserve Bank of India (RBI) to proceed.
“The proposed acquisition aims to build on a successful six-year business and equity partnership centered around delivering accessible and affordable credit to customers across the country. We have achieved steady growth with robust asset quality, having served over 10 million customers till-date with an AuM of Rs. 2,200 crores and a 3% GNPA. Amazon has been an invaluable partner in this journey, and we have more to accomplish together,” Axio wrote in a blog post. “This means reaching more under-served customers, diversifying our offerings to address more unmet needs, and continuing to strike the right balance of customer experience, risk management, and affordability as we strive to responsibly expand access to credit across the country.”
The financial details of the acquisition remain undisclosed, though reports suggest that it could exceed the $150 million-mark.
It has been 12 years since Axio was founded – in the beginning, it provided financial solutions to small and medium-sized enterprises (SMEs), helping them overcome the obstacle of secure access to credit facilities. Over the years, it evolved into a consumer-centric fintech platform, offering innovative credit options such as buy-now-pay-later (BNPL) and credit management services, alongside unsecured personal loans. Currently, it conducts its lending operations via its non-banking financial company (NBFC), CapFloat Financial Services, and its services are integrated into major e-commerce platforms, including Amazon and MakeMyTrip (so consumers can access quick and affordable credit at the point of sale).
Three years ago, the firm consolidated its services (including Walnut and Walnut 369) under a single brand identity and rebranded to Axio. Today, the fintech firm has built a strong customer base, serving over 10 million users, and currently manages assets worth ₹2,200 crore (approximately $266 million). The numbers speak in its favour as well – the fiscal year 2024 saw the firm increase its revenue by 50% to ₹351 crores (approximately $42 million), while its net losses dropped by 86% to ₹18 crores during the same period.
