MUMBAI, Amazon announced on Thursday that it has completed its acquisition of Bengaluru-based non-banking lender Axio for an undisclosed sum, giving the e-commerce giant access to India’s direct lending market.
The deal, which had been under discussion since December, received approval from the Reserve Bank of India in June, according to Mahendra Nerurkar, Amazon’s vice-president for payments in emerging markets.
Founded 12 years ago, Axio is a fintech lender providing digital credit and money management solutions to both retail customers and small businesses. Under Amazon, the platform will offer a range of credit products, including loans at checkout and other services beyond the Amazon ecosystem, Nerurkar said. He added that Amazon aims to develop new credit products to better serve consumers and small- to medium-sized businesses.
Unlike most e-commerce platforms in India that partner with banks or non-banking lenders, Amazon can now lend directly through Axio, a more profitable model. Flipkart, for instance, secured its non-banking financial company licence in April via Flipkart Finance, allowing lending but not deposit-taking.
Axio will continue operating as a separate business but will now be a wholly-owned subsidiary of Amazon in India. The lender reported a loan book of approximately 22 billion rupees (US$251.4 million/RM1.1 billion) for the quarter ending June, according to co-founder Gaurav Hinduja.
The acquisition strengthens Amazon’s fintech presence in India, complementing approvals it has already secured for offering payment wallets and selling insurance on its platform. Amazon Pay ranked ninth by transaction volume on India’s Unified Payments Interface (UPI) in July 2025, per the National Payments Corporation of India.
