In a cash and equity swap agreement valued at about Rs 125 crore, digital supply chain financing and lending platform Veefin Group of Companies (Veefin) acquired 26 percent stake in digital lending business EpikIndifi, as per me ia reports. In an attempt to grow into a comprehensive working capital finance platform, the company has acquired EpikIndifi three times since June of this year from a digital supply chain financing provider.
In June of this year, Veefin acquired Regime Tax Solutions, a provider of GST compliance and accounts automation solutions; in August, the company purchased Nityo Infotech's Indian branch. The first tranche of the three purchases made in the last three months was estimated to cost a total of Rs 215 crore in cash and stock.
For banks and other financial organisations looking to optimise staff and client interactions through a cloud-based system, EpikIndifi provides a loan origination platform. Among its clientele are Vistaar Finance, Jio Financial Services, and IDBI Bank. Co-founders Rajendra Awasthi, Sushmitshri Babu, and Vaidyanathan Balasubramaniam have joined Veefin as part of the team.
In addition to its current working capital solutions, Veefin claimed that with EpikIndifi, it will add additional revenue streams through digital retail lending across personal loans, green loans, credit cards, mortgage loans, and SME loans.
