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Digital Lender axio Raises $20 Mn To Scale Up Operations
Inc42
·
11m ago
Medial
Axio, a non-banking financial company (NBFC), plans to use its latest funding to enhance its operations, explore new uses for checkout finance, and introduce new credit products. The company has previously secured $137 million in equity funding and $671 million in debt funding. Axio has already served over 15 million customers, with more than 9 million being credit customers.
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Digital Lender axio Raises $6 Mn Debt From Alteria Capital
Inc42
·
1y ago
Medial
Bengaluru-based digital lender axio (formerly known as Capital Float) has raised $6 million in debt funding from Alteria Capital. The funding will be used to provide loans to axio's customers. The company, registered as a non-banking finance company (NBFC), offers pay later, personal credit, and money management services. With over 15 million customers, axio serves both credit customers and merchants. Previously, axio raised $50 million in equity funding in 2021 to strengthen its platform and expand its partner ecosystem. Debt funding has become increasingly popular in India's startup ecosystem in recent years.
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Amazon Smbhav Venture doubles up on NBFC platform axio
VCCircle
·
11m ago
Medial
Amazon Smbhav Venture Fund has invested an additional $20 million in India's digital fintech platform, axio, doubling its previous investment. Axio, a registered non-banking finance company, offers personal loans, pay-later options, and money management services to customers, with a focus on non-metro areas. The investment will be used for scaling up lending operations, expanding use cases of checkout finance, and introducing more credit products. Axio has reported significant growth, reaching 10 million credit customers and $1 billion in annual disbursals. This brings the company's total equity funding to $157 million.
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Amazon-backed Axio raises $20 Mn via right issue
Entrackr
·
11m ago
Medial
Online lending platform Axio (formerly Capital Float) has raised Rs 167 crore (around $20 million) from existing investors via right issue. The board at Axio has passed a special resolution to issue 11,25,000 preference shares at an issue price of Rs 1,486 each to raise Rs 167 crore or $20 million, its regulatory filing accessed from the Registrar of Companies (RoC)shows. The rights issue will be offered to existing shareholders at a ratio of 0.51 shares for every 1 share they currently hold, the filing further added. While the firm didn’t disclose investors’ names, Amazon is likely to have participated with substantial contribution. Amazon was also in talks for complete acquisition of Axio. Entrackr exclusively reported this in July. Amazon is an investor in Axio which participated in the firm’s Rs 144 crore extended Series C round in 2018. Amazon used to own around 8% of the Bengaluru-based lending platform before the fresh round. According to the startup data intelligence platform TheKredible, Light Rock was the largest external shareholder with 19.42% before this round, followed by Elevation which owned 13.84%. Peak XV, Creation, Amazon, and Ribbit and QED Innovations are its other backers. In a recent statement to the media, Axio’s co-founder Sashank Rishyasringa said that the firm saw 50% jump in its revenue and 95% reduction in its losses in the last fiscal year (FY24). While Axio is yet to disclose the exact numbers of FY24, the Bengaluru-based company reported 2X growth in its revenue to Rs 220 crore in FY23 as compared to Rs 110 crore in FY22. The Lightrock-backed firm’s losses grew marginally to Rs 137 crore in the fiscal year ending March 2023.
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Lightrock-backed axio's FY23 revenue doubles but losses widen too
VCCircle
·
1y ago
Medial
Lightrock-backed axio's revenue for FY23 doubled, but the company also experienced wider losses during the period. Non-banking lender axio, with investors such as Lightrock, Amazon, Elevation Capital, Sequoia Capital, and Ribbit Capital, reported improved revenue despite increased losses. Capfloat Financial Services Pvt. Ltd, a subsidiary of axio, claims to have served 15 million customers.
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Amazon to acquire fintech lending startup Axio
Economic Times
·
6m ago
Medial
Amazon has signed an agreement to acquire fintech lending startup Axio to enhance its financial services offerings in India. The Bengaluru-based Axio, previously known as Capital Float, operates a non-banking finance company and collaborates with banks through co-lending partnerships. The acquisition follows Amazon's prior investment in Axio, including a $20 million funding round led by Amazon Smbhav Venture Fund in 2022. Axio has served over 10 million customers, managing assets worth Rs 2,200 crore.
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Identity Verification Startup Equal Raises $10 Mn
Inc42
·
8m ago
Medial
Identity verification platform Equal has raised $10 million in its Series A funding round. The round was co-led by Prosus Ventures, Tomales Bay Capital, and founder Keshav Reddy, and had participation from various other investors including Blume Ventures, DST Global, and Binny Bansal. The startup plans to use the funds to scale its operations, form strategic partnerships, and develop an integrated digital framework to enhance India's data-sharing ecosystem. Founded in 2022, Equal helps businesses streamline KYC processes and prevent fraud through its identity verification aggregation service. The company is now valued at $80 million post-funding.
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Mufin Green Finance raises $6.5M debt from DWM for EV and clean energy lending
YourStory
·
21d ago
Medial
Mufin Green Finance, an Indian non-bank lender, secured $6.5 million from Developing World Markets (DWM) through non-convertible debentures. This investment aims to boost Mufin's lending for electric vehicles (EVs), battery financing, and solar projects, especially in underserved markets. This marks DWM’s first venture into India’s e-mobility sector. Mufin, established in 2016, focuses on sustainable finance, enhancing clean energy access in low-income and semi-urban areas, with intentions to further scale operations.
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Namdev Finvest raises $38 mn in fresh capital from DFIs
VCCircle
·
6m ago
Medial
Jaipur-based MSME lender Namdev Finvest has secured $38 million from development finance institutions, including US-based Developing World Markets (DWM) and BlueOrchard-managed funds. DWM contributed $8.25 million, while BlueOrchard provided $13 million. Global asset manager Mirova invested $10 million, marking its entry into the Indian market. This funding will help Namdev Finvest expand operations beyond traditional lending models, focusing on underserved rural and semi-urban borrowers and supporting projects in clean mobility and renewable energy sectors.
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Avataar, Sofina, others invest $135 mn in Finova’s Series E round
VCCircle
·
9m ago
Medial
Jaipur-based non-bank lender Finova Capital has raised $135 million in a Series E funding round led by Avataar Venture Partners, Sofina, and Madison India Capital. The funding will be used to grow its loan book, invest in technology, expand geographically, and enable financial inclusion at scale. Finova provides lending products to micro-entrepreneurs and semi-skilled professionals who have limited access to formal financing institutions. The company has been profitable since its first year of operations and has served over 100,000 customers. Last raised $65 million in March 2022 led by Norwest Venture Partners.
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Cureskin Secures $20 Mn To Scale Up Its AI Dermatology Platform
Inc42
·
1y ago
Medial
Bengaluru-based AI-driven dermatology platform CureSkin has raised $20 million in a Series B funding round led by HealthQuad. The funds will be used to enhance its AI capabilities, expand offerings, scale up operations, and accelerate growth. CureSkin's app offers personalised and dermatologist-prescribed skin and hair care solutions, as well as guidance and follow-ups. The startup has already served over 1.5 million customers, with the majority coming from Tier-II and III regions. The funding comes as Indian healthtech startups continue to gain investor interest, with the sector projected to reach a market size of $21.3 billion by 2025.
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