Netobjex acquires Kerala-Based Blockchain Solution Startup Servntire

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SUMMARY

Both the companies will now develop blockchain-based products across multiple verticals

The team's experience will also span a wide variety of distributed ledger technologies

The deal may prove to be a boost for players operating in sectors such as AI, IoT, and blockchain

Netobjex, a digital asset management platform based in California, US, has acquired Kerala-based blockchain solutions company Servntire Global for an undisclosed amount in a cash and stock deal.

ServntireGlobal was co-founded by Mahesh Rajagopalan Nair, Mohan Raman, Tittu Varghese, Georgey Punnilethu Jacob, and Sreeraj Sudhakaran in 2017. It is a technology startup that offers simple, efficient, end-to-end solutions to enterprises and organisations that want to switch to blockchain technology.

As part of this deal, both the companies will now develop blockchain-based product offerings across multiple verticals such as manufacturing, supply chain, smart cities, fintech, and more.

According to the companies, the team’s experience will also span a wide variety of distributed ledger technologies including Ethereum, Hyperledger, Corda, Stellar, IOTA, NEM, BitShares, etc.

This capabilities arising from the acquisition may prove beneficial for players operating in niche spaces such as blockchain, the Internet of Things, and artificial intelligence (AI).

“We now have a very strong product offering that ties three key technologies (IoT, AI, and Blockchain) and a broad set of customer implementations of the platform across multiple domains and geographies. The next phase of our evolution would be to expand on this momentum,” NetObjex CEO Raghu Bala said in a statement.

Earlier, in May 2018, Aetlo Tech, a year-old Indian blockchain startup, was also acquired by Page Solutions, a global banking and financial firm based in the UK.

Recent Developments In Blockchain In India

In August 2018, the Reserve Bank of India (RBI) formed a new research unit that is responsible for research and drafting rules and also to supervise technologies such as blockchain and cryptocurrency.

Recently, Singapore-based fintech company LALA World launched a blockchain and artificial intelligence-based payment app for iOS users in India and the UAE to enable utilities-related payments.

According to a report by Qrius, US-based tech giant Microsoft has partnered with IT solutions provider Tech Mahindra to help curb spam calls in India. The solution is being built on the Microsoft Azure Platform and will also use cloud services.

In August, Bengaluru-based AI and IoT-focussed venture fund pi Ventures has raised $6 Mn from CDC Group, which is the development finance institution of the UK Government.