Amazon buys ‘buy now, pay later’ startup Axio

Amazonhas been making remarkable investments in India since the mid-2010s. India-based video streaming platform in June 2024 MX PlayerThe company, which acquired , increased its total investment in the country to exceeding $10 billion took it to another level.

Now Amazon is an India-based “buy now, pay later” initiative. AxioIt is purchasing with a price tag exceeding 150 million dollars. By purchasing Axio, in which it has held shares for six years, Amazon aims to strengthen its presence in the financial services market in India.

Gaurav Hinduja ve Founded by Sashank Rishyasringa, Axio provides loans to people working on e-commerce platforms in India. Credit card usage is low in the country, and small amounts of loans are generally not profitable for banks. To address this gap, Axio uses a rapid credit assessment system, offering customers credit approval in two clicks and five seconds. of the company More than 10 million customers exists and total loan portfolio exceeded 260 million dollars Let us state that this is the case. Axio also competes with Bajaj Finance, a strong player in the financial services industry in India.

On the other hand, Amazon’s acquisition of Axio can be described as part of the company’s strategy to expand its customer base by making a strong entry into the financial services market in India and to offer more convenience to its e-commerce platform.