Veefin Solutions, via its subsidiary Estorifi Solutions Private Limited, has bought a 50% stake in Singapore-based GenAI startup Walnut AI Pte Ltd for $2 Mn (around INR 17 Cr) in an all cash deal
Through this acquisition, Veefin aims to boost its revenue by gaining access to the large client database of Walnut AI across multiple geographies and generate additional revenue
Previously, Veefin acquired a 26% stake in EpikInDiFi in a share swap deal which valued the latter at INR 125 Cr, in October
Veefin Solutions, via its subsidiary Estorifi Solutions Private Limited, has bought a 50% stake in Singapore-based GenAI startup Walnut AI Pte Ltd for $2 Mn (around INR 17 Cr).
The company first announced the acquisition in November, but has disclosed the terms of the deal in a regulatory filing on December 12.
Estorifi completed the acquisition in an all-cash deal, as per the filing.
Walnut AI, founded in February 2020 by Bala Iyer and Lalit Kumar, is focused on providing advanced solutions for banks and financial institutions to handle complex, large-scale data. It leverages AI, ML, and NLP to deliver solutions in credit, risk, KYC, and capital market operations.
Through this acquisition, Veefin aims to boost its revenue by gaining access to the large client database of Walnut AI across multiple geographies and generate additional revenue.
Additionally, it plans to build synergies through combining the resources and expertise of both entities to create new opportunities for growth and innovation, the filing said.
Founded in 2020 by Raja Debnath and Gautam Udani, Veefin is a BSE-listed company that offers SCF and lending solutions through innovative, agile & scalable technology for its customers across the globe.
The company based in Mumbai, has been on a drive of acquiring portions of various businesses to add new revenue streams by strengthening its presence in existing markets.
For instance, Veefin acquired a 26% stake in EpikInDiFi in a share swap deal which valued the latter at INR 125 Cr, in October.
Prior to that, it bought global IT services provider Nityo Infotech Singapore’s Indian arm for an undisclosed amount, in August.
Furthermore, Veefin acquired a 26% stake in Regime Tax Solutions, a company that works with advanced GST compliance, accounts payable (AP) and accounts receivable (AR) automation, in June.
On the financial front, the fintech company’s profit jumped by 325% to INR 4.13 Cr in the second quarter of fiscal year 2024-25 (Q2 FY25), from INR 97.98 Lakh, a year ago. Veefin’s operating revenue rose 112% to INR 19.08 Cr from INR 9.05 Cr in Q2 FY24.
