axio sees 200% growth in consumer credit business over past year as asset quality holds steady
- Clocking Rs 5000 crores of annualized disbursals
- Crossed 5 million credit customers
- NPAs holding in 1-1.5% range
BENGALURU, India, Sept. 15, 2022 /PRNewswire/ — axio (formerly Capital Float), India’s leading digital finance company, announced doubling its customer base in the last twelve months to nearly 5.5 million credit customers. The company is adding 10,000 new credit customers per day with a reach across 25,000 pincodes in the country. axio has also achieved a threefold growth in its disbursal rate and is currently clocking Rs 5000 crores of annualized disbursals, up from Rs 1700 crores in 2021. The remarkable increase in annual disbursals can also be attributed to 70% of the customers engaging in repeat credit utilization. axio continues to maintain low NPAs in the 1-1.5% range, on par with the best in the world.
Commenting on the milestone, Sashank Rishyasringa and Gaurav Hinduja, co-founders, said, “We have received exceptional response for our short-term credit options in the past year. Our fully regulated model has enabled us to grow systematically, balancing digital innovation with unparalleled customer experience. 60% of our customers are from non-metro cities, highlighting the acceptance of digital solutions across the underserved population.“
They further added, “The past decade has enabled us to accumulate expertise and deliver unique propositions, using the low and grow strategy which fosters a culture of responsible credit. With our core belief of making credit worthy for all, we aim to become the preferred, tech-first financial institution for the next 100 million Indian customers.”
axio’s consumer finance app allows users to access pay-later, personal credit and money management solutions on one platform. The company offers instant credit across e-commerce, D2C, travel, ed-tech and other key sectors, catering to a wide range of aspirational and personal needs. Owing to its partnership with 3000+ partners including Amazon, MakeMyTrip, Razorpay, PolicyBazaar, customers can avail of instant credit at checkout from axio.
Customers are beginning to accept and adopt credit as a lifestyle enabler. The collective effort by responsible digital lenders will play a huge role as India powers towards becoming a $5 trillion-dollar economy.
About axio
axio, formerly Capital Float, is India’s leading digital consumer finance company offering pay later, credit and personal finance management under one seamless brand experience. On a mission to make credit worthy for all, axio leverages technology to deliver innovative financial products to millions of individuals across the country.
axio is the brand name of CapFloat Financial Services Private Limited, a Non-Banking Finance Company (NBFC) registered with the Reserve Bank of India. The company has raised funding from marquee investors such as Elevation Capital (formerly SAIF Partners), Sequoia India, Lightrock, Creation Investments Capital Management LLC, Ribbit Capital, and Amazon.
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