E-commerce major Amazon is all set to procure fintech company Axio (formerly Capital Coast). This will be the moment procurement for the US-based company in the Indian fintech space, taking after its securing of Emvantage.

“In December, after the successful completion of due diligence, we marked an understanding with Amazon for a proposed securing of Axio. The exchange will presently anticipate the required administrative approvals,” said Axio in a blogpost.

According to Axio, the proposed acquisition points to construct on an effective six-year trade and value association centered on conveying available and reasonable credit to clients over the country.

Axio claims to have served over 10 million clients to date, with an AuM (assets under management) of Rs 2,200 crore and a 3% GNPA (net non-performing resources). Amazon, as of now a speculator in Axio, taken part in its Rs 144 crore amplified Arrangement C circular in 2018 and as of late contributed $20 million in Axio through its Amazon Smbhav Venture Fund.

The Bengaluru-based company had raised $157 million in value and $671 million in debt.

According to startup information insights stage TheKredible, Amazon as of now holds a 17.38% stake in the company. Other than Amazon, Decathlon and Xiaomi are moreover partners of Axio.

Axio recorded a 50% increment in income to Rs 351 crore in FY24 from Rs 235 crore in FY23. Amid FY24, the company's misfortunes diminished to Rs 18 crore, compared to Rs 137 crore in the past financial year.

source : entrackr.