axio will use the fresh funds to scale operations, expand use cases of checkout finance and launch new credit products
Prior to this round, the company had raised $137 Mn in equity and $671 Mn in debt funding
The NBFC claims to have served more than 15 Mn customers till date, of which over 9 Mn are credit customers
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Bengaluru-based digital lender axio (erstwhile Capital Float) has secured a fresh funding of $20 Mn (around INR 167.8 Cr) from Amazon Smbhav Venture Fund.
The fresh capital will be used to scale operations, expand use cases of checkout finance and launch new credit products, the company said in a statement.
This comes months after axio secured a debt funding of $6 Mn (about INR 50 Cr) from venture debt fund Alteria Capital.
Founded in 2013 by Gaurav Hinduja and Sashank Rishyasringa, axio is a digital consumer finance company that offers pay later, credit and personal finance management.
axio is the brand name of CapFloat Financial Services Private Limited, a non-banking finance company (NBFC) registered with the Reserve Bank of India (RBI). The platform offers pay later, personal credit and money management services. According to its website, the platform extends loans to customers in the range of INR 30K to INR 4 Lakh.
The company claims to have served more than 15 Mn customers till date, of which over 9 Mn are credit customers. Besides this, it has also partnered with renowned brands such as ixigo, Mamaearth, upGrad and Amazon among others.
axio cofounders Hinduja and Rishyasringa said in a joint statement, “This investment will enable us to further scale our loan book, enhance our checkout finance offering, and expand credit offerings to existing customers. By combining product innovation with robust underwriting and risk controls, our aim is to unlock access to credit for the next 200 million customers across India.”
Prior to this round, the company had raised $137 Mn in equity and $671 Mn in debt fundings. It counts Elevation Capital, Peak XV, Lightrock India and Amazon Smbhav Venture Fund among its backers.
axios operates in the fast-growing Indian fintech market, which is expected to reach a size of $2.1 Tn by 2030. The lending tech market alone is expected to become a $1.3 Tn opportunity by the end of the decade, as per an Inc42 analysis.
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