Online based in Bengaluru loan platform axioformerly Capital Float, has raised Rs 167 crore (approximately $20 million) in funds from Amazon’s Smbhav Venture Fund.
The company, which also facilitates loans through Amazon Pay Later, will use the funding to scale up lending operations, expand cash financing use cases and offer more credit products to customers throughout their lifecycles.
Who are the founders?
Founded in 2013 by Gaurav Hinduja and Sashank Rishyasringa, Axio is the brand of CapFloat Financial Services Private Limited, a non-banking financial company (NBFC) registered with the Reserve Bank of India (RBI).
The company offers a range of services, including pay later options, credit and personal finance management.
Support from leading investors
Prior to this, Axio raised $50 million in equity funding in 2021 led by Lightrock India with participation from other existing and new investors.
Apart from Amazon, the company is also backed by Peak XV (formerly Sequoia India), Elevation Capital (formerly SAIF Partners) and Ribbit Capital.
“This investment will enable us to further expand our loan portfolio, enhance our cash financing offering and expand credit offering to existing customers. By combining product innovation with robust underwriting and risk controls, we aim to unlock access to credit for the next 200 million customers across India. We are grateful to have the trust of our investors in this mission, to build a world-class digital financial institution for India,” the co-founders said in a statement.
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