Indian buy now, pay later firm Axio has secured a $20 million equity investment from Amazon’s Smbhav Venture Fund.
Axio was formed through the merger of Capital Float, Walnut, and Walnut369. The company allows e-commerce stores to integrate credit financing and money management tools at checkout. Currently, Axio serves nine million credit customers and supports 3,000 merchants, functioning as the backbone for pay later services for Amazon in India, with payment terms ranging from three to 12 months.
Co-founders Sashank Rishyasringa and Gaurav Hinduja commented, “This investment will enable us to further scale our loan book, enhance our checkout finance offerings, and expand credit options for existing customers.” They added, “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.”
Since its establishment in 2013, Axio has raised a total of $671 million in debt and $137 million in equity from several prominent investors, including Creation, Elevation, Ribbit Capital, Sequoia, and Lightrock.