M2P Fintech To Buy Enterprise AI Platform Mad Street Den: Report

M2P Fintech Buys Enterprise AI Platform Mad Street Den: Report

SUMMARY

The acquisition deal is a mix of stock and cash, however, Inc42 couldn’t ascertain its size

Mad Street Den’s acquisition will help M2P Fintech to double down on its AI and data playbook

This will mark the Chennai-based startup’s fourth acquisition since its inception

Fintech startup M2P Fintech is in talks to acquire enterprise artificial intelligence startup Mad Street Den to double down on its AI and data playbook, sources told Inc42.

The deal is a mix of stock and cash, however, Inc42 couldn’t ascertain its size. The development was first reported by ET. The publication said that the acquisition would be for under $10 Mn.

Inc42 has reached out to Mad Street Den and M2P for comments on the development. The story will be updated on receiving their responses.

Founded in 2013 by Ashwini Asokan and Anand Chandrasekaran, Mad Street Den’s full stack AI platform Vue.ai helps enterprises to build AI-driven applications to make data-driven decisions. It claims to have deployed the solution across sectors such as retail, finance, insurance, logistics, and healthcare.

The AI platform serves entities operating across sectors including financial services and the acquisition will help M2P to boost their fintech offerings.

Mad Street Den has raised about $50 Mn since its inception and counts Peak XV Partners, Avatar Growth Capital and Alpha Wave among its backers.

Meanwhile, M2P Fintech was founded in 2014 by Madhusudanan R, Muthukumar A and Prabhu Rangarajan. It provides fintech solutions across payments, banking and lending to banks, NBFCs and online businesses.

It claims to serve more than 300 banks, 100 NBFCs and 800 fintech companies and has presence in more than 20 markets globally.

The latest development comes nearly five months after the Tiger Global-backed startup announced the first close of its Series D funding round, raising INR 850 Cr in a mix of primary and secondary deal. The round valued the company at over INR 6,550 Cr ($751 Mn).

Overall, M2P has raised a total funding of about $216 Mn to date from investors like Tiger Global, Helios Investment Partners, and BEENEXT.

Prior to this, M2P acquired Nexus Ventures-backed Goals101 in 2023. It also acquired cloud lending platform Finflux and SaaS startup Origa AI in 2022 and 2021, respectively.