Zeroing in on embedded finance at the point of checkout, Axio's founders have built a sustainable business that's ready for more
Sashank Rishyasringa (left) and Gaurav Hinduja, co-founders & MDs, Axio
You’ll find Axio in pleasantly surprising places—try the smartphone app of the French sports apparel and equipment retailer Decathlon, for example. Pick up a backpack for trekking, maybe, and at the checkout, there’s the option to pay in instalments—with Axio.
This wasn’t the case in the early years after Gaurav Hinduja and Sashank Rishyasringa, Stanford MBA mates, returned to India and started the company—then called Capital Float. With some competitors raising big investments, hitting unicorn status and what not, the fear of missing out had them try many different loan products.
To their credit, they didn’t break things and fail fast, but took a deep breath or two and found their niche in what is today popular as buy now pay later, or just pay later.
Today, having hit breakeven on a run-rate basis in FY24, they are on the verge of becoming a profitably sustainable business. Some 10 million customers have taken a loan at one point or the other from the company since it was started about 10 years ago.
Also read: Sashank Rishyasringa and Gaurav Hinduja at axio on the credit fintech opportunity ahead