Lending firm Axio raises $20 million in funding from Amazon Sambhav Venture Fund

Bengaluru-based online lending platform Axio, formerly Capital Float, has raised Rs 167 crore (approximately $20 million) in funding from Amazon Smbhav Venture Fund. 

The firm, which also facilitates loans through Amazon Pay Later, will use the funding to scale lending operations, expand use cases of checkout finance, and offer more credit products to customers over their lifecycles.  

Who are the founders?

Founded in 2013 by Gaurav Hinduja and Sashank Rishyasringa, Axio is the brand name of CapFloat Financial Services Private Limited - a non-banking finance company (NBFC) registered with the Reserve Bank of India (RBI).

The firm offers a range of services, including pay-later options, credit, and personal finance management.

Backing from notable investors

Prior to this, Axio raised $50 million in equity funding in 2021 led by Lightrock India with participation from other existing and new investors.

In addition to Amazon, the firm is also backed by Peak XV (formerly Sequoia India), Elevation Capital (formerly SAIF Partners), and Ribbit Capital.

“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. We are grateful to have the trust and confidence of our investors in this mission, to build out a world-class digital financial institution for India," the co-founders said in a statement.