tech giant Amazon has signed an agreement to acquire Indian Buy Now Pay Later (BNPL) startup axio. Financial details were not disclosed.
The deal, which is still awaiting regulatory approval, follows a successful six-year partnership between the companies.
For the past 10 years, Axio has been providing accessible and affordable credit to customers across India.
The company has so far served over 10 million customers and reportedly has assets under management (AUM) of Rs 200 crore. 220 billion (US$254.1 million), with a gross non-performing assets (GNPA) ratio of 3%.
The acquisition is expected to allow Axio to reach more underserved customers and diversify its offerings.
Amazon’s technology and e-commerce expertise is also expected to benefit axio.
Axio said in a statement:
“We are encouraged by what lies ahead and the opportunity to make meaningful change.
For now, we are back to business and remain committed to our mission and the partners and customers we serve. ”
Subject to the necessary approvals, the acquisition is expected to close in the coming months.
Featured image credit: Edited from freepic
