Veefin Solutions Expands Its Lending Ecosystem Through Inorganic Growth

Last update: Sep 17, 2024 | 9:50 AM IST

Acquires three companies with a total valuation of Rs 400 million

Veefin Group of Companies announced its third acquisition in end-to-end lending platform EpikIndifi, in a cash and equity swap deal worth around Rs 125 crore. Veefin Group was in the midst of a major corporate expansion exercise in FY24-25 to transform itself into a end-to-end working capital financing platform. The acquisitions of the three companies are worth a combined Rs 400 crore. The total expected outlay of the first tranche of all three acquisitions in the last three months is Rs 215 crore (in cash and equity).

The global SME financing gap is $14 trillion. Together with the existing group companies, recent acquisitions have enabled Veefin Group to address every aspect of working capital optimization, offering solutions spanning end-to-end digital supply chain financing, digital identity verification and automated financial statement analysis, trade securitization, transaction banking, automated receivables (AR) and payables (AP), and consulting and software services. Veefin Group has achieved an annual payout of $25 billion on its platform.

In early June, Veefin Group acquired Regime Tax Solutions (popularly known for its TaxGenie and PayInvoice products) and in August, the company announced the acquisition of the Indian arm of global technology company Nityo Infotech.

The inorganic growth opportunities are expected to see Veefin Group’s client base, including banks, financial institutions and corporate clients, grow multi-fold – from 55 in the last fiscal year to over 500 by the end of the current fiscal year.

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First published: Sep 17, 2024 | 9:03 AM IST