Tech giant Amazon has signed an agreement to acquire Indian Buy Now Pay Later (BNPL) startup axio. The financial details were not disclosed.

The deal, which is still awaiting regulatory approval, follows a successful six-year partnership between the two companies.

axio has been providing accessible and affordable credit to customers across India for the past decade.

The company reports to have served over 10 million customers to date, with an asset under management (AUM) of Rs. 2,200 crores ( US$254.1 million) and a gross non-performing asset (GNPA) ratio of 3%.

The acquisition is expected to help axio reach more underserved customers and diversify its offerings.

Amazon’s expertise in technology and e-commerce is also expected to benefit axio.

axio said in a statement,

“We’re energised by what lies ahead and the opportunities to create meaningful change.

For now, it’s back to business, as we remain committed to our mission and the partners and customers we serve.”

The acquisition is expected to close in the coming months, subject to the necessary approvals.

Featured image credit: Edited from Freepik