Veefin Solutions Arm Completes Acquisition Of 50% Stake In Walnut AI

Veefin Solutions Ltd., through its subsidiary Estorifi Solutions Pvt., on Thursday completed the acquisition of 50% stake in the Singapore-based Walnut AI Pte. for approximately Rs 17 crore, or $2 million.

Through the transaction, the Veefin Solutions arm has mopped up 27,778 equity shares of SGD 9.54 each, according to an exchange filing. The all-cash deal was finalised on Nov. 5, 2024.

Walnut AI, a company incorporated in Singapore in 2020, is primarily involved in the business of information technology and other information service activities.

The objective of the deal is to increase revenue by getting access to the large client database across multiple geographies and generate additional revenue, according to Veefin Solutions.

The move also helps in "building synergies" by combining the resources and expertise of both entities to "create new opportunities for growth and innovation", the filing added.

The deal does not involve any related party transactions, and will not require regulatory approvals, the company said.

In the quarter ended Sept. 30, Veefin Solutions had logged a 325% year-on-year jump in net profit to Rs 4.1 crore. However, the bottom line declined on a sequential basis as compared to Rs 6.25 quarter in the April-June quarter.

The company's operational revenue came in at Rs 19 crore in the second quarter, marking a year-on-year jump of 112% and a sequential rise of 21%.

Shares of Veefin Solutions on Thursday closed 2.93% lower at Rs 685.45 apiece on the NSE, compared to 0.38% decline in the benchmark Nifty 50.