Axio has raised nearly $20 million from existing investors via issue of equity shares, while Hangyo has raised $25 million from private equity firm Faering Capital.
Amazon said to have reupped in Axio
Online lending platform Axio (formerly Capital Float) has raised nearly $20 million (Rs 167 crore) from existing investors through preferential issue of shares, Entrackr reported.
The board at Axio has passed a special resolution to issue 11,25,000 preference shares at an issue price of Rs 1,486 each to raise the aforementioned amount, the report said, citing the company’s latest filings with the Registrar of Companies (RoC).
While the investors’ names weren’t disclosed, e-commerce major Amazon is likely to have participated in the financing. Amazon was also reportedly in advanced discussions to fully acquire Bengaluru-based Axio. The e-commerce major participated in Axio’s Rs 144-crore extended Series C round in 2018 and owned around 8% of the lending platform before the fresh round.
Axio is a consumer finance company offering pay later, credit, and personal finance management. Other investors in the company include Elevation Capital, Sequoia India, Lightrock, Creation Investments Capital Management LLC, and Ribbit Capital.
Hangyo raises $25m from Faering
Mangaluru-based ice cream brand Hangyo has raised $25 million (Rs 211 crore) from private equity firm Faering Capital.
The company plans to use the funding proceeds to enhance its production capabilities, accelerate product development, and expand its presence across key markets, primarily in South India.
Founded in 2003 by Pradeep Pai and Dinesh Pai, Hangyo has a network of about 350 distributors and boasts of more than 30,000 retail touchpoints. It is currently present in states including Karnataka, Tamil Nadu, Kerala, Goa, Andhra Pradesh, Telangana, and Maharashtra. The brand also claims to have served over 3 million consumers till February this year.
Following this round of funding, Faering holds a 24% stake in Hangyo.
