Veefin Solutions Ltd is a technology firm based in Mumbai that focuses on providing digital solutions for Supply Chain Finance (SCF) and lending. Established in 2020, the company is listed on the BSE SME platform and has experienced rapid growth, with operations in Mumbai, Ahmedabad, Dhaka (Bangladesh), and Dubai. Veefin develops customised white-label SCF platforms and digital lending solutions for banks, financial institutions, fintech firms, B2B marketplaces, and corporate clients.
Veefin Solutions Ltd. completed the acquisition of a 50% stake in the Singaporean company Walnut AI. through its subsidiary, Estorifi Solutions Pvt. The stake was purchased for approximately ₹17 crore.
As part of this transaction, Veefin acquired 27,778 equity shares valued at SGD 9.54 each, as disclosed in an exchange filing. This all-cash deal was concluded on 5th November 2024.
Walnut AI is a platform that focuses on cutting-edge artificial intelligence solutions aimed at improving business decision-making and streamlining processes. It is specifically tailored to tackle issues related to the management of substantial amounts of unstructured data, offering valuable insights through tools driven by natural language processing (NLP) and machine learning (ML).
The aim of this acquisition is to enhance revenue by gaining access to a vast client database across different regions, thereby generating additional income, according to Veefin Solutions.
The transition also aids in “developing synergies” by merging the resources and expertise of both organisations to “forge new avenues for growth and innovation,” the document noted. The agreement does not encompass any related party transactions, and regulatory approvals will not be necessary, the company stated.
Veefin Solutions reported a staggering 325% increase in net profit year-on-year, reaching ₹4.1 crore. However, net profit experienced a decline on a sequential basis compared to ₹6.25 crore in the April-June quarter.
The company’s operational revenue for the second quarter was ₹19 crore, representing a year-on-year increase of 112% and a sequential growth of 21%.
At 12:19 PM on December 13, 2024, the share price of Veefin Solutions Ltd. stood at ₹715.50 on the NSE. The highest share price over the past 52 weeks has been ₹753.90, and the share has risen by over 5% today.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
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