In exchange for shares and cash, fintech company Veefin has purchased a 26% share in software solution provider EpikIndifi. Following this deal, the valuation of EpikIndifi increased to Rs 125 crore.
Following its earlier this year acquisitions of Nityo Infotech and Regime Tax Solutions (the company that operates TaxGenie and PayInvoice), this is Veefin’s third acquisition.
The team from EpikIndifi, consisting of Rajendra Awasthi, Sushmitshri Babu, and Vaidyanathan Balasubramaniam, will be joining the Veefin Group.
According to a press release from Veefin, the acquisition will enable the company to expand its working capital solutions business while also generating new revenue streams through digital retail lending for credit cards, mortgage loans, green loans, buy-now-pay-later (BNPL) schemes, personal loans, and SMEs loans.
Over the next two to three years, Veefin plans to invest Rs 25 crore in EpikIndifi and increase their ownership stake in order to acquire the entire business.
In order to help banks and other financial institutions grow their businesses, EpikIndifi was founded in 2018 and provides a variety of solutions. The cloud-based system of the company’s loan origination platform claims to optimize efficiency, speed, convenience, profitability, transparency, and regulatory compliance for all customer and employee interactions.
Raja Debnath and Gautam Udani co-founded Veefin in 2020. Veefin offers white-labeled supply chain finance technology and SaaS pricing-based supply chain financing solutions to financial institutions, fintech, B2B marketplaces, and corporates worldwide. With the largest selection of SCF products, it provides a full-stack platform with credit underwriting, transaction management, vendor, and dealer onboarding, and anchor services.
In December 2021, $3 million was raised by the platform.
