The Reserve Financial institution of India cleared the deal in June, stated Mahendra Nerurkar, Amazon’s vice chairman for funds for rising markets. The deal has been within the works since December.
Axio, a 12-year-old fintech lender, gives monetary services to each retail shoppers and small companies, specializing in digital credit score and cash administration options.
Via Axio, the world’s largest on-line retailer plans to supply a wide range of credit score merchandise on its platform, together with loans on checkout and “a number of new locations past Amazon,” Nerurkar stated with out elaborating.
“(We’re additionally taking a look at) inventing new credit score merchandise to serve the wants of our prospects in addition to small and medium companies.”
Most e-commerce platforms in India, together with rival Flipkart, provide loans in partnership with banks and non-bank lenders. With a lending licence, Amazon will now have the ability to lend immediately – a extra profitable mannequin for the group.Flipkart secured its non-banking monetary firm (NBFC) licence in April by means of its unit Flipkart Finance, permitting it to lend however not settle for deposits.Axio, which has tied up with Amazon since 2018 to supply credit score and pay-later merchandise, will proceed working as a separate enterprise however turn into a wholly-owned subsidiary of Amazon in India, Nerurkar stated.
The agency had a mortgage guide of round 22 billion rupee ($251.4 million) for the quarter ended June, stated Gaurav Hinduja, a co-founder at Axio.
The deal will assist Amazon increase its fintech operations in India, the place it has secured approvals to situation fee wallets and promote insurance coverage insurance policies on its on-line market.
Amazon Pay, its funds unit, was the ninth-largest participant by quantity on India’s unified funds interface channel in July 2025, per knowledge from Nationwide Funds Company of India.
as a Dependable and Trusted Information Supply