Financial services software firm Aurionpro Solutions on Friday said it will acquire banking and insurance focused startup Arya.ai for $16.5 million (about Rs 138 crore).
Under the all-cash deal, NSE-listed Aurionpro Solutions is set to acquire 67% stake in the Mumbai-based company.
Platform-as-a-service Arya.ai, founded in 2013 by IIT Bombay graduates Vinay Kumar and Deekshith Marla, had raised about $2 million from investors such as YourNest, DMI Sparkle Fund and Venture Nursery. Most of these investors, barring a few angels, would be exiting the cap table after the deal, Kumar told ET.
Aurionpro Solutions CEO Ashish Rai told ET that the acquisition will enhance its business offerings by leveraging Arya.ai’s capabilities in enterprise artificial intelligence (AI). “The acquisition empowers us to expand our geographical footprint into the US and Southeast Asia, tapping into new markets and opportunities,” Rai said.
Currently, Aurionpro Solutions generates about 60% of its revenue from India and 40% from the rest of the world, with the US accounting for about 8% and Europe, West Asia and Africa 4%.
Arya.ai offers its financial services clients, cloud based artificial intelligence trained tools which help them analyse data, underwrite risks and monitor fraud. It also helps automate reading and analysing bank statements, gathering KYC details of the customers which are crucial for banks, lending companies and insurers to undertake their business.
“We’ve been growing 3x year-on-year in the last couple of years and have been profitable,” said CEO Kumar.
The startup works with about 95 clients, including divisions of ICICI Bank, HDFC Bank and Axis Bank. It employs 32 staffers, These include a core team of researchers and data scientists.
All of Arya.ai’s employees will continue to work on Arya.ai independently, Rai said.
Aurionpro Solutions employs about 2,300 staffers across its offices in India and globally.
Four-S Services was the transaction advisor to Arya.ai on the deal.
Source: Economic Times