Amazon-backed lending platform Axio raises $20-M via right issue

Bengaluru-based online lending platform Axio (formerly Capital Float) has raised INR 167 crore (around USD 20 million) from existing investors via a right issue. Axio would issue 11,25,000 preference shares at an issue price of INR 1,486 each to raise the sum. The rights issue will be offered to existing shareholders at a ratio of 0.51 shares for every 1 share they currently hold.Amazon is an investor in Axio and had participated in the firm’s INR 144 crore extended Series C round in 2018. Amazon used to own around 8% of the firm before the fresh round. Amazon was also in talks for complete acquisition of Axio.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. The company reported INR 220 crore in FY23 as compared to INR 110 crore in FY22.