In a strategic move to bolster its financial services in India, Amazon has agreed to acquire Axio, an Indian Buy Now, Pay Later (BNPL) firm, in a deal valued at over $150 million, according to reports from TechCrunch.
Axio, formed through a merger of Capital Float, Walnut, and Walnut369, specializes in embedding credit financing and money management tools into e-commerce platforms. The company has been instrumental in offering BNPL services for Amazon India, allowing shoppers to split payments into terms ranging from three to twelve months. To date, Axio has served over 10 million customers and partnered with 3,000 merchants.
Amazon’s relationship with Axio dates back six years, with the e-commerce giant investing $20 million through its Smbhav Venture Fund last year. Following a comprehensive due diligence process, Amazon finalized a takeover agreement in December. The acquisition is currently pending regulatory approval.
Axio shared its excitement about the deal in a blog post, emphasizing its commitment to expanding access to credit for underserved customers. “This means reaching more under-served customers, diversifying our offerings to address more unmet needs, and continuing to strike the right balance of customer experience, risk management, and affordability as we strive to responsibly expand access to credit across the country,” the company stated.