Axio, formerly known as Capital Float, has announced a significant boost in funding, securing $20m from the Amazon Smbhav Venture Fund.
The newly acquired funds are earmarked for scaling operations significantly, according to a report from Inc42.
Axio plans to broaden the use cases for its checkout finance solutions and introduce a range of new credit products designed to meet diverse consumer needs.
As a digital consumer finance company, Axio specializes in “pay later” options and personal finance management. Established in 2013 by Gaurav Hinduja and Sashank Rishyasringa, the platform is known for offering personalized credit solutions, ranging from INR 30K ($357) to INR 4 Lakh ($4,700), and has successfully served over 15 million customers, with more than nine million benefiting from its credit services.
In a joint statement, Axio co-founders Hinduja and Rishyasringa stated, “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.”
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