The move by Amazon deepens its push into financial services in one of its fastest-growing markets. Axio, formerly known as Capital Float, specializes in providing credit to self-employed individuals and households at the point of sale on major e-commerce platforms, including Amazon and MakeMyTrip; and has so far raised $135m from investors including Peak XV Partners, Ribbit Capital, and Elevation Capital over the years.
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Amazon to buy Indian BNPL startup Axio for over $150m
Axio is the second startup Amazon has acquired in India in the past year — it bought on-demand video streaming service MX Player in June. The tech giant has deployed more than $10 billion in the country so far.
