Axio secures $20 million funding from Amazon Smbhav Venture Fund
New Delhi: Axio secured $20 million in equity funding from the Amazon Smbhav Venture Fund on Friday, as the digital consumer finance startup seeks to expand its lending capabilities and introduce additional credit products.
With this latest round, Axio's total funding has reached $232 million, according to data from market intelligence platform Tracxn.
Over 60% of axio's customers reside in non-metros, highlighting the company's reach.
The company has nearly 10 million credit customers and $1 billion of annualized disbursals.
From FY22 to FY24, axio said it witnessed a strong growth with a 2.5x increase in customers, a 3.5x rise in disbursals, and a 5x growth in assets under management.
The company claims to maintain Non-Performing Assets ratio (NPA) of 2-3%, reflecting sound risk management.
Prior to this round of investment, the company had raised $137 million in equity and $671 million in debt. In 2021, the company raised $50 million in equity funding led by Lightrock India with participation from other existing and new investors. axio has previously raised funding from investors like Peak XV (formerly Sequoia India), Elevation Capital (formerly SAIF Partners), Ribbit Capital, and Amazon Smbhav Venture Fund.
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