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Amazon has agreed to acquireIndian grease one’s palms - now , salary - later startup Axio , deepen its push into financial service in one of its fastest - farm markets .
The e - Department of Commerce chemical group , which has held an equity stake in Axio for six years , signed the acquisition agreement in December after completing due diligence , the Indian startupsaidin a blog post .
Financial term of the deal were not expose , but two multitude familiar with the matter told TechCrunch that the sizing of the deal is over $ 150 million . The transaction requires approval from the Indian central money box .
The Bengaluru - headquartered inauguration , formerly know as Capital Float , has so far upgrade $ 135 million from investor including Peak XV Partners , Ribbit Capital , and Elevation Capital over the years .
Axio specializes in providing credit to ego - employed individuals and households at the detail of sale on major e - commerce platforms , including Amazon and MakeMyTrip . It claims it serves more than 10 million customer and that its loanword book is worth more than $ 260 million .
Axio and other startups like it in India operate in a market where access to traditional credit remains modified — the nation has low mention menu incursion , and ceremonious banks often line up little - slate loans unprofitable .
The startup say it attempts to address this gap with its regulated lending weapons platform that can tax customer ’ acknowledgment - worthiness rapidly , helping it make recognition conclusion “ within two suction stop and five seconds . ”
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But like many other startup in the family , Axio has also struggled to maintain its growth . Goldman Sachs - bet on ZestMoney , which manoeuvre in a similar space and was once valued at $ 450 million , also struggled andwas eventually bought by fiscal service firm DMI Group in a ardour salelast twelvemonth .
The startup competes with Bajaj Finance , the Indian financial services hulk that dominates the market .
Axio is the 2nd startup Amazon has acquired in India in the preceding yr — itboughton - demand TV cyclosis serve MX Player in June . The tech behemoth has deployed more than $ 10 billion in the country so far .
