Amazon Expands in India with Major Financial Firm Acquisition

Amazon has acquired the non-banking financial services firm axio, formerly known as Capital Float, to strengthen its financial services in India. The acquisition, after Reserve Bank of India's approval, will expand Amazon's reach in digital lending and buy-now-pay-later services with axio's expertise.

E-commerce giant Amazon announced on Thursday that it has finalized the purchase of non-banking financial services company axio, previously known as Capital Float, following the Reserve Bank of India's sanction.

The acquisition strengthens Amazon's push into financial services in India, leveraging axio's expertise in digital lending. The two companies have collaborated for over six years, primarily focusing on buy-now-pay-later options for Amazon's vast customer base.

Amazon's Vice President of Payments, Mahendra Nerurkar, emphasized the milestone's significance by noting that the partnership has already unlocked credit for over 10 million customers. The acquisition is poised to enhance responsible lending, benefitting even more customers and small businesses across India.

(With inputs from agencies.)