2 weeks Ago
Mumbai-based supply chain financing and working capital software venture Veefin has acquired a 26% stake in EpikIndifi , a software solution provider for banks, in a cash-and-share swap deal. Through the deal, EpikIndifi has been valued at Rs 125 crore. Speaking to ET, Veefin Group cofounder and chief operating officer Gautam Udani said they will pump in Rs 25 crore into EpikIndifi over the next two to three years, and expand their ownership in the company to a complete acquisition eventually.
EpikIndifi cofounders Rajendra Awasthi, Sushmitshri Babu and Vaidyanathan Balasubramaniam, who are all ex-Infosys senior executives, will join the Veefin Group along with their team. In a statement, Veefin said the acquisition will enable the group to add new revenue streams through digital retail lending across personal loans, green loans, buy-now-pay-later (BNPL) schemes, credit cards, mortgage loans and SMEs loans in addition to its existing heft in working capital solutions. Artificial Intelligence(AI) Java Programming with ChatGPT: Learn using Generative AI By - Metla Sudha Sekhar, Developer and Lead Instructor View Program Artificial Intelligence(AI) Basics of Generative AI : Unveiling Tomorrow's Innovations By - Metla Sudha Sekhar, Developer and Lead Instructor View Program Artificial Intelligence(AI) Generative AI for Dynamic Java Web Applications with ChatGPT By - Metla Sudha Sekhar, Developer and Lead Instructor View Program Artificial Intelligence(AI) Mastering C++ Fundamentals with Generative AI: A Hands-On By - Metla Sudha Sekhar, Developer and Lead Instructor View Program Artificial Intelligence(AI) Master in Python Language Quickly Using the ChatGPT Open AI By - Metla Sudha Sekhar, Developer and Lead Instructor View Program Office Productivity Zero to Hero in Microsoft Excel: Complete Excel guide 2024 By - Metla Sudha Sekhar, Developer and Lead Instructor View Program Astrology Vastu Shastra Course By - Sachenkumar Rai, Vastu Shashtri View Program Data Science SQL for Data Science along with Data Analytics and Data Visualization By - Metla Sudha Sekhar, Developer and Lead Instructor View Program Web Development A Comprehensive ASP.
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P. Gupta, Professor: Department of Finance and Business Economics, University of Delhi View Program Marketing Performance Marketing for eCommerce Brands By - Zafer Mukeri, Founder- Inara Marketers View Program EpikIndifi offers banks and financial institutions intelligent automation across identity, decisioning, lending and collection for retail products. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories This is the third acquisition by publicly-listed Veefin Solutions after it closed the acquisition of Nityo Infotech and Regime Tax Solutions (which runs TaxGenie and PayInvoice) earlier this year.
Founded by Raja Debnath, who has worked with Kotak Mahindra Bank , International Finance Corporation and other financial institutions in leadership roles, and Udani who founded Infini Solutions before this, Veefin offers the technology stack needed by banks and other lenders for any working capital programmes. It has achieved an annual supply chain financing worth $25 billion through its platform. Through these acquisitions, the company eventually intends to build an end-to-end working capital solution for corporations in India and globally.
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