According to reports, Mumbai-based supply chain financing and working capital software venture Veefin has acquired a 26 percent stake in EpikIndifi, a software solution provider for banks, in a cash-and-share swap deal.

Veefin Group cofounder and chief operating officer Gautam Udani says they will pump in Rs 25 crore into EpikIndifi over the next two to three years, and expand their ownership in the company to a complete acquisition eventually.

EpikIndifi co-founders Rajendra Awasthi, Sushmishri Babu, and Vaidyanathan Balasubramaniam, all former senior executives at Infosys, will join the Veefin Group along with their team.

EpikIndifi provides banks and financial institutions with intelligent automation across retail product identity, decision-making, lending, and collections.

Founded by Raja Debnath, who has held leadership roles at Kotak Mahindra Bank, International Finance Corporation, and other financial institutions, and Udani, who founded Infini Solutions before him, Veefin is a technology stack required by banks and other financial institutions for any working capital program. Through its platform, Veefin achieves $25 billion worth of supply chain financing annually.

According to Vifin, the acquisition adds to the group's existing strength in working capital solutions: personal loans, green loans, BNPL (buy-now-pay-later) schemes, credit cards, mortgages, and small business loans,

 

The acquisition will add new revenue streams through digital retail lending. Through these acquisitions, the company intends to eventually build an end-to-end working capital solution for Indian and global businesses.