The Veefin Group of Companies, a leading technology partner for banks, financial institutions, and corporates in providing working capital solutions, has successfully completed an Rs 136 crore (~16 million USD) funding round. The fund, raised from capital market investors, will be primarily focused on fostering growth, scaling its products, and expanding its footprint. The Group also announced that it is set to raise a further Rs 155 crore (~18 million USD) in its next funding round in FY25. This round will be a catalyst to fast-track the growth of Veefin's innovative product portfolio, positioning the company as the working capital technology platform of choice, and a trusted partner for clients. It will also drive faster business expansion across its recently acquired companies: Regime Tax Solutions (Tax Genie), Epikinidifi (ezee.ai), Nityo Infotech (India arm), & Singapore-based Walnut.AI. Powered by Capital Market - Live

Veefin Solutions has through its subsidiary Estorifi Solutions acquired 50% stake consisting of 27,778 equity shares of SGD 9.54 each of Walnut AI on 05 November 2024. Walnut is a Private Limited Company incorporated in Singapore on 02 February 2020. It is primarily involved in the business of Information technology and other information service activitiesPowered by Capital Market - Live

'This also marks the fourth acquisition by Veefin Group this year as the company propels itself to become the leading Global Working Capital Finance Platform,' Veefin Solutions said in a statement. The four-year-old startup uses the latest technologies in artificial intelligence (AI), machine learning (ML), and natural language processing (NLP) to deploy solutions, primarily in the financial services sector (Credit, risk, KYC and capital market operations areas). Using in-house and offline ML models, Walnut has developed its transformative GenAI solution to expedite info extraction from lengthy documents. The company's marquee product 'Vegaspread' simplifies complex financial data into actionable insights. It extracts critical information from multi-format, multi-layout, and lengthy reports such as Annual Financial Reports (AFS) including reading the Notes to Accounts within minutes and delivers the insights for accurate processing by decision makers. The company which counts DBS, Bank of Singapore, Amret, and RCBC among its clients, will get a vast canvas to deploy its GenAI solutions across the Veefin Group's 500+ clients across banking, financial institutions, and corporate. With the acquisition, Walnut's GenAI capabilities will help Veefin Group power its clients across corporates and banking to convert complex and vast amounts of unstructured data into razor-sharp insights delivered with speed and accuracy. The product offering will greatly benefit in credit decisioning as Veefin Group builds tech-first solutions for working capital management. Walnut will continue to operate independently, post-acquisition. The acquisition comes at a time when the race for GenAI capabilities heats up in India and globally. India's GenAI market itself, which was estimated at $1.1 Bn in 2023, is expected to grow at a CAGR of 48% to reach $17 Bn by 2030, as per industry reports. Raja Debnath, Chairman & Co-Founder of the Veefin Group of Companies, said 'We continue to grow the Veefin Group by bringing in more and more companies into the Veefin ecosystem to leverage the massive client base that the entire group now commands. To this effect, GenAI is a must-have capability for the group. Walnut thus fits in very well into the Veefin ecosystem.' Earlier this year, Veefin Group has acquired three technology companies to build its heft in working capital management technology. Veefin Group addresses every aspect of optimising working capital, by offering solutions across end-to end digital supply chain finance, digital identity verification and automated financial statement analysis, debt securitization, cash management, trade finance, automated accounts receivable (AR) & accounts payable (AP) and software consulting and services by deploying innovative, agile & scalable technology. Powered by Capital Market - Live

Veefin Solutions will hold a meeting of the Board of Directors of the Company on 28 October 2024.Powered by Capital Market - Live

The Veefin Group of Companies has announced its third acquisition in end-to-end digital lending platform EpikIndifi, in a cash and equity swap deal valued at around Rs 125 crore. Veefin Group has been on a major corporate expansion exercise in FY 24-25 to transform into an end-to-end Working Capital Finance Platform. The acquisitions of the three companies are at a total valuation of Rs 400 crore. The total expected outlay of the first tranche of all three acquisitions in the last three months is Rs 215 crore (through cash and equity). The global SME financing gap is pegged at $14Tn. Along with the existing group companies, the latest acquisitions have powered Veefin Group to address every aspect of optimising working capital, by offering solutions across end-to end digital Supply Chain Finance, Digital Identity Verification & Automated Financial Statement Analysis, Trade Securitisation, Transaction Banking, Automated Accounts Receivable (AR) & Accounts Payable (AP) and Software Consulting and Services. Veefin Group has achieved an annual disbursement worth $25Bn on its platform. Earlier in June, Veefin Group acquired Regime Tax Solutions (known popularly for its products TaxGenie & PayInvoice), and in August the company announced the acquisition of the Indian arm of global technology firm Nityo Infotech. The inorganic growth opportunities are estimated to increase the Veefin Group's clientele of banking, financial institutions and corporate clients manifold - from 55 in the last financial year to over 500 by the end of this financial year. Powered by Capital Market - Live

Veefin Solutions announced that the Annual General Meeting (AGM) of the company will be held on 27 September 2024.Powered by Capital Market - Live

The Veefin Group of Companies has announced its latest acquisition via one of its subsidiaries, acquiring 100% of Nityo Tech, which is the Nityo Infotech Singapore's India invested business. This marks the second acquisition by the Veefin group in the past two months. The parent company Nityo Infotech is a leading provider of Artificial Intelligence (AI) and Machine Learning (ML) solutions in the financial services sector with a presence in over 44 countries and more than 3,000 clients served globally. Nityo Infotech operates across 15+ verticals, including Banking, Insurance, Telecom, Computing Software, Automotive, Consumer Electronics, Energy, Healthcare, Media & Entertainment, Retail, and Manufacturing. This acquisition positions Veefin and its group of companies to spearhead the ongoing wave of rapid digital transformation in the banking sector. Leveraging their existing infrastructure, they will extend digital transformation services across various banking verticals beyond lending. Veefin's strong brand presence in the banking sector will enable them to offer a comprehensive range of services and solutions to banks within a unified ecosystem with a focus on product engineering, AI and Data. Powered by Capital Market - Live

Veefin Solutions announced the appointment of Parag Ekbote as the Chief Executive Officer of GlobeTF, a Veefin subsidiary focused on providing solutions in the transaction banking industry. Ekbote, an accomplished business leader with nearly 30 years of experience in the banking technology sector, will also serve as the Chief Business Officer of the Veefin Group of Companies.Powered by Capital Market - Live