E-commerce giant Amazon.com has signed an agreement to acquire Indian online lending platform Axio (formerly Capital Float), according to a company statement.
“In December, after completing due diligence, we signed an agreement with Amazon for a proposed acquisition of Axio,” the firm said, adding that the transaction will now await the required regulatory approvals.
While the firm did not disclose the deal terms, TechCrunch reported the deal value to be over $150 million.
If the deal fructifies, it will be Amazon’s second acquisition in the fintech space in India since the purchase of online payment service provider Emvantage Payments Private Ltd in 2016. Last year, Amazon also acquired MX Player’s assets to scale its mini TV offerings in India.
Amazon is already an investor in Axio, participating in its Rs 144-crore extended Series C round in 2018. Currently, the firm owns around 8% of the Bengaluru-based lending platform, according to media reports.
Axio is a consumer finance company offering pay later, credit, and personal finance management. Other investors in the company include Elevation Capital, Sequoia India, Lightrock, Creation Investments Capital Management LLC, and Ribbit Capital.
