Amazon agreed to the acquisition Buying in India now will pay for Axio’s late startdeepening its push into financial services in one of its fastest-growing markets as it seeks to expand access to credit to millions of underserved customers.

The US technology group, which has held an equity stake in Axio for six years, signed the acquisition agreement in December after completing due diligence, the Indian startup said in a blog post.

Financial terms were not disclosed. The Bengaluru-headquartered startup, formerly known as Capital Float, has raised $232 million from investors including Peak XV Partners, Ribbit Capital, Elevation Capital against equity and debt over the years.

The startup, which specializes in providing small-scale credit to self-employed individuals and households at the point of sale on major e-commerce platforms including Amazon and MakeMyTrip, said it serving more than 10 million customers and building a loan book that’s even bigger. $260 million.

Axio is one of a group of Indian startups operating in a market where traditional access to credit remains limited – India has low credit card penetration, and conventional banks often found small ticket loans unprofitable.

The startup tries to solve this gap by building a regulated lending platform that can check creditworthiness quickly, making credit decisions “within two clicks and five seconds.” But like many other startups in the category, Axio is also struggling to maintain its growth. Goldman Sachs-backed ZestMoney, which operates in a similar space and was previously valued at $450 million, is also struggling to eeventually selected by a traditional company in a fire sale.

Axio is the second startup Amazon has acquired in India, where it has invested more than $10 billion so far. Amazon Obtained on-demand video streaming service MX Player in June last year.