Based in Bengaluru Currently, pay later, credit, and personal financial management services may be integrated into online checkouts by e-commerce firms using Axio.

Through a network of more than 3,000 merchants around India, the fintech claims to have serviced over 15 million clients since its founding in 2013.

Applying the stock to "support further growth, including scaling lending operations, expanding use cases of checkout finance, and offering more credit products to customers over their lifecycles," the fintech, originally known as Capital Float, plans to use the money.

"This investment will allow us to further scale our loan book, improve our checkout finance offering, and extend credit offerings to current customers," co-founders of Axio Sashank Rishyasringa and Gaurav Hinduja said in a joint statement.

Through the integration of innovative products with strong underwriting and risk management, our goal is to enable credit for the next 200 million clients in India.

The transaction rounds up Axio's total financing of $671 million, which includes a $50 million round led by Lightrock India that completed in October 2021, and $137 million in stock.

Amazon, Lightrock, Sequoia Capital India, Ribbit Capital, Creation Investments, Peak XV, and Elevation Capital are among the other funders.