[Funding News] Axio Secures $20 Mn Funding Round

Online lending platform Axio (previously Capital Float) collected Rs 167 crore ($20 million) from current investors via the right issue.

The filing noted that existing shareholders will get 0.51 shares for every 1 share they held in the rights issue.

The Axio board approved a special resolution to issue 11,25,000 preference shares at Rs 1,486 each to raise Rs 167 crore or $20 million.

While the firm didn't name investors, Amazon is expected to have contributed significantly. Amazon sought a full acquisition of Axio.

Read also - Efficient Capital Labs Secures $11M Series A Funding Round

Light Rock held the highest percentage of shares among external shareholders, with a stake of 19.42% prior to this round. Elevation, on the other hand, possessed 13.84%. Peak XV, Creation, Amazon, Ribbit, and QED Innovations are further supporters of the project.

Although Axio has not yet revealed the precise figures for FY24, the company based in Bengaluru announced a twofold increase in revenue to Rs 220 crore in FY23, compared to Rs 110 crore in FY22.

About Axio

Founded in 2013 by Gaurav Hinduja and Sashank Rishyasringa, axio, formerly Capital Float, is a consumer finance company offering pay later, credit, and personal finance management under one seamless brand experience.

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