Draft:Veefin Group
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Last edited by 36Flames (talk | contribs) 15 hours ago. (Update) |
| Company type | Private |
|---|---|
| Industry | Conglomerate |
| Founded | 2018 |
| Headquarters | Mumbai, India |
Number of locations |
|
Area served | Worldwide |
Key people | |
Number of employees | 1100 (2024)[4] |
| Subsidiaries |
|
| Website | veefin.com |
Veefin Group is an Indian Financial Technology conglomerate which was founded in 2018 and is headquartered in Mumbai, India.[6] The group provides technology products and solutions to Banks, NBFCs, Fintechs, and Corporates to simplify business working capital.[7]
History
[edit]The group was founded by Raja Debnath and Gautam Udani in 2018.[6]
In Dec 2024, the group raised Rs 136 crore (~$16 million USD) from capital market investors to primarily focus on growth, products scaling, and expanding its footprint.[8][9]
Acquisitions
[edit]In Jun 2024, the company announced the acquisition of GST compliance and accounts automation solution company Regime Tax Solutions.[10] After two months, in Aug 2024, one of the group’s subsidiaries acquired Nityo Tech Pvt Ltd, the Indian arm of Singapore-based Nityo Infotech.[11][12] The next month, in Sep 2024, the group acquired digital lending company EpikIndifi in a cash and equity swap deal valued of Rs 125 crore.[13][14] In Nov 2024, the group acquired its first international deal with Singapore-based GenAI company Walnut in an all-cash deal with purchasing a 50 per cent stake.[15] Walnut converts complex and vast amounts of unstructured data into razor-sharp insights by delivering it with speed and accuracy.[16]
In Feb 2025, the group subsidiary Estorifi Solutions, has acquired Dubai-based TradeAssets company that provides a digital trading platform for trade finance assets.[17] In the same month, the group invested in a company White Rivers Media with an undisclosed amount. This will help company to expand its creative and media solutions, augmenting them with Veefin’s MarTech capabilities.[18]
Companies
[edit]Veefin Solutions Limited
[edit]Veefin Solutions Limited, previously known as Veefin Solutions Private Limited. It provides Digital Lending and Supply Chain Finance (SCF) white-labelled technology products for banks, non-banking financial institutions, fintech, and marketplaces.[19][7] The company opened its initial public offering (IPO) on 22 June 2023 with 56,99,200 equity shares.[20] In FY2022, the company recorded total revenue of ₹655.19 lakh and net profit of ₹70.01 lakh.[21] In Feb 2024, the company partnered with a multi-lender platform FinnUp to enhance the digital lending experience for SMEs and corporates.[22] In April 2024, the company partnered with the Central Bank of India to serve as the sole technology vendor for the bank, providing an end-to-end SCF stack to support the bank’s SCF offerings.[23] In Feb 2025, the company partnered with UAE based Invest Bank to fully digitise its Supply Chain Finance (SCF) offerings. This collaboration will replace the bank’s existing manual processes with a digital platform across the UAE.[24] Next month in March 2025, the company partnered with Select Africa for digital transformation which includes onboarding, loan origination system, loan management system, reporting solution, and collections management system, to streamline its lending operations, deliver digital-first customer experiences, and foster innovation across its financial product offerings.[25]
Epikinidifi
[edit]EpikIndifi was established in 2017. It is a cloud-based loan origination platform for banks and financial institutions that streamlines customer and employee interactions.[26]
Walnut (GenAI)
[edit]Walnut was established in 2020.[27] It provides data solutions tailored for banks and financial institutions through a product, Vegaspread by using artificial intelligence (AI), machine learning (ML), and natural language processing (NLP) to convert complex financial data into actionable insights, thereby enhancing data governance and analytics.[28]
References
[edit]- ^ Online, ET (Feb 21, 2023). "Veefin crosses $12 billion in annualized disbursements in supply chain finance". The Economic Times. Retrieved 4 June 2025.
- ^ "Veefin Group of Companies Raised INR 136 Crore to Expand Globally". Entrepreneur. Dec 19, 2024. Retrieved 4 June 2025.
- ^ "Veefin Solutions appoints Parag Ekbote as CEO of GlobeTF & CBO of Group". Business Standard. Jul 30, 2024. Retrieved 4 June 2025.
- ^ Soni, Sandeep (Sep 17, 2024). "Veefin makes third acquisition this year with digital lending platform EpikIndifi for Rs 125 crore". Financial Express. Retrieved 4 June 2025.
- ^ Bengaluru, BL (Dec 19, 2024). "Veefin Group raises ₹136 cr for product development and acquisitions; aims a further ₹155 cr by Jan 2025". The Hindu Business Line. Retrieved 4 June 2025.
- ^ a b Basu, Sreeradha; Sarkar, Brinda (2024-12-19). "Companies fix WFO blues; it's not all work & no play for staff". The Economic Times. ISSN 0013-0389. Retrieved 2025-06-04.
- ^ a b Nagasundaram, Dhanya (2023-06-22). "Veefin Solutions IPO: Subscription status on Day 1 and other details". mint. Archived from the original on 2023-07-03. Retrieved 2025-06-04.
- ^ "Veefin Group completes fund raise of Rs 136 cr for its expansion". Business Standard. 19 Dec 2024. Retrieved 4 Jun 2025.
{{cite news}}: CS1 maint: url-status (link) - ^ Bengaluru, BL (2024-12-19). "Veefin Group raises ₹136 cr in funding, aims further ₹155 cr in Fy25 for expansion". BusinessLine. Retrieved 2025-06-04.
- ^ "Veefin makes third acquisition this year with digital lending platform EpikIndifi for Rs 125 crore". Financialexpress. 2024-09-17. Retrieved 2025-06-04.
- ^ "Veefin Group takes over Nityo Tech India to strengthen BFSI digital portfolio - BusinessToday". Business Today. 2024-08-13. Retrieved 2025-06-04.
- ^ Ghosh, Anupama (2024-08-13). "Veefin expands digital banking footprint with Nityo Tech acquisition". BusinessLine. Retrieved 2025-06-04.
- ^ Ghosh, Anupama (2024-09-17). "Veefin Group acquires EpikIndifi, expanding Digital lending footprint". BusinessLine. Retrieved 2025-06-04.
- ^ Staff, Entrepreneur (2024-09-17). "Veefin Group Acquires Digital Lending Firm EpikIndifi for INR 125 Cr". Entrepreneur. Retrieved 2025-06-04.
- ^ "Veefin buys Singapore's GenAI startup Walnut, its fourth acquisition this year". Financialexpress. 2024-11-05. Retrieved 2025-06-04.
- ^ "Veefin Acquires Singapore-based GenAI Startup Walnut". BW Disrupt. Retrieved 2025-06-04.
- ^ Staff, Entrepreneur (2025-02-05). "Veefin Group Acquires TradeAssets to Expand Trade Finance Solutions". Entrepreneur. Retrieved 2025-06-04.
- ^ "Veefin Group invests in White Rivers Media | Advertising". Campaign India. Retrieved 2025-06-04.
- ^ "IPOs this Week: आईपीओ से पैसे छापने का बड़ा मौका!, इस हफ्ते एचएमए एग्रो सहित 4 कंपनियों का IPO होगा ओपन". The Economic Times Hindi (in Hindi). Retrieved 2025-06-04.
- ^ Nagasundaram, Dhanya (26 Jun 2023). "Veefin Solutions IPO: Subscription status on Day 3 and other issue details you need to know". Livemint. Retrieved 4 June 2025.
- ^ "Veefin Solutions IPO to open on June 22: Check price, issue size, key details - CNBC TV18". CNBCTV18. 2023-06-21. Retrieved 2025-06-04.
- ^ Mishra, Arushi (2024-02-28). "Veefin Solutions partners with FinnUp to enhance digital lending for SMEs". BusinessLine. Retrieved 2025-06-04.
- ^ Mishra, Arushi (2024-04-02). "Veefin Solutions, Central Bank of India announce technology partnership". BusinessLine. Retrieved 2025-06-04.
- ^ "UAE's Invest Bank onboards Veefin Solutions to digitise their SCF operations". The Economic Times. 2025-02-19. ISSN 0013-0389. Retrieved 2025-06-04.
- ^ "Select Africa selects Veefin's Digital Lending Suite for its digital transformation". Business Standard. 3 Mar 2025. Retrieved 4 Jun 2025.
{{cite news}}: CS1 maint: url-status (link) - ^ Staff, Entrepreneur (2024-09-17). "Veefin Group Acquires Digital Lending Firm EpikIndifi for INR 125 Cr". Entrepreneur. Retrieved 2025-06-04.
- ^ Staff, Entrepreneur (2024-11-05). "Veefin Group Acquires 50% Stake in Singapore's Walnut". Entrepreneur. Retrieved 2025-06-04.
- ^ "Veefin buys Singapore's GenAI startup Walnut, its fourth acquisition this year". Financialexpress. 2024-11-05. Retrieved 2025-06-04.