Total amount raised
$226.3 Millions
Latest funding date
8/1/2024
Location
Axio has successfully raised significant funding from notable investors, including Amazon Smbhav Venture Fund and Alteria Capital. The platform offers a range of financial services, from expense tracking to instant credit for purchases.
Keep reading to explore the intricacies of axio's fundraising journey and the investors backing this innovative platform.
What Is axio?
Founded in 2013, axio is a financial services company based in Bangalore, Karnataka, India. The company was established by Gaurav Hinduja and Sashank Rishyasringa.
axio offers a variety of financial services, including working capital finance for SMEs, money management, pay later options, and personal loans. The platform aims to make credit accessible and beneficial for everyone.
With a team of 51-100 employees, axio continues to innovate and expand its offerings to meet the diverse financial needs of its customers.
How Much Funding Has axio Raised?
- Venture Round
- Amount Raised: $15M
- Date: January 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the company's growth and expansion efforts.
- Debt Financing
- Amount Raised: ₹760M
- Date: July 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance the company's lending capacity.
- Debt Financing
- Amount Raised: $7M
- Date: April 2018
- Lead Investors: Triodos Bank
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the company's financial services.
- Series C
- Amount Raised: $22M
- Date: April 2018
- Lead Investors: Amazon
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance product offerings.
- Series C
- Amount Raised: $45M
- Date: August 2017
- Lead Investors: Ribbit Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and expand market reach.
- Debt Financing
- Amount Raised: ₹170M
- Date: February 2017
- Lead Investors: Northern Arc
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To increase lending capabilities.
- Debt Financing
- Amount Raised: ₹500M
- Date: June 2021
- Lead Investors: Triodos Bank
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the company's lending operations.
- Venture Round
- Amount Raised: ₹3.7B
- Date: September 2021
- Lead Investors: Lightrock
- Valuation at Round: $201M
- Motivation Behind the Round: To drive growth and expand financial services.
- Debt Financing
- Amount Raised: $6M
- Date: April 2024
- Lead Investors: Alteria Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance lending operations and expand product offerings.
- Venture Round
- Amount Raised: ₹1.7B
- Date: August 2024
- Lead Investors: Amazon Smbhav Venture Fund
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale lending operations and introduce new credit products.
Total Amount Raised: $232M. Current Valuation: Not publicly disclosed.
Key Investors
- Amazon Smbhav Venture Fund
- Details: Launched in 2021, Amazon Smbhav Venture Fund is a $250 million fund aimed at investing in technology-led startups. The fund focuses on driving innovation and creating long-term value.
- Investment Focus Areas: Technology, fintech, e-commerce, healthcare, agriculture.
- Notable Investments: M1xchange, Smallcase, Innovist.
- Lightrock India
- Details: Lightrock India is a global private equity firm that invests in businesses with sustainable business models. They led a $50 million equity funding round for Axio in 2021.
- Investment Focus Areas: Sustainable business models, high-growth companies, technology.
- Notable Investments: Not specified.
- Peak XV (formerly Sequoia India)
- Details: Peak XV is a venture capital firm that invests in early and growth-stage companies. They have been a previous investor in Axio.
- Investment Focus Areas: Early-stage companies, growth-stage companies, various sectors.
- Notable Investments: Not specified.
- Elevation Capital (formerly SAIF Partners)
- Details: Elevation Capital is a venture capital firm that invests in early to mid-stage companies. They have been a previous investor in Axio.
- Investment Focus Areas: Early-stage companies, mid-stage companies, various sectors.
- Notable Investments: Not specified.
- Ribbit Capital
- Details: Ribbit Capital is a venture capital firm that focuses on financial technology companies. They have been a previous investor in Axio.
- Investment Focus Areas: Financial technology, fintech startups.
- Notable Investments: Not specified.
What's Next for axio?
Axio stands at the cusp of a significant opportunity, aiming to unlock access to credit for the next 200 million customers across India. With a billion-dollar annualized disbursal and a customer base of 10 million, the potential for growth is immense. The recent $20 million funding from Amazon Smbhav Venture Fund will be pivotal in scaling lending operations, enhancing checkout finance offerings, and introducing more credit products.
Future fundraising opportunities appear promising, given the increasing interest in digital lending and the fintech sector. The momentum in equity deals and the backing from notable investors like Amazon and Lightrock suggest that Axio is well-positioned to attract further investments. However, challenges such as maintaining responsible risk management, navigating regulatory requirements, and competing with other well-funded startups will be critical as the company scales its operations.
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