Axio Raises $20 million From Amazon Smbhav Venture Fund, Will Use It For Further Growth, Expanding, And Offering More Credit

Axio a digital consumer finance company raised $20 in equity in funding from the Amazon Sambhav Venture Fund. The company says this fund will be further used to support further growth, including scaling lending operations, expanding use cases of checkout finance, and offering more credit products to customers over their lifecycles. Axio has seen a 2.5x increase in customers from FY22 to FY24, a 3.5x rise in disbursals, and a 5x growth in assets under management.  As far as risk management is concerned it is low with a Non-Performing Assets ratio (NPA) of 2-3%.

Before this round company has raised $137 million in equity and $671 million in debt. In 2021 company raised $50 million in equity funding led by Lightrock India.

Co-founders Sashank Rishyasringa and Gaurav Hinduja said in a joint statement, “We are excited to have Amazon Smbhav Venture Fund – a long-standing investor – continue to support axio for its next phase. 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.”

Abhijeet Muzumdar, Vice President & Head of Amazon Smbhav Venture Fund and Corporate Development, said, “We are excited to support axio in their mission to provide accessible and responsible digital credit solutions in India. This investment and our long-term relationship reflect our belief in axio’s ability to provide credit products and will enable them to expand innovative financial services products to more customers while upholding responsible risk management.”