Trulot Acquisition: Yudiz Says 25% Stake Purchase ‘Typographical Error’

SUMMARY

In March, Yudiz said that it is purchasing 25% in Trulot Technologies

The company has now rolled out a clarification saying that it is acquiring 5% in Trulot

Yudiz has issued a statement claiming previous disclosure to be “ inadvertently”

Months after announcing its 25% stake purchase in Trulot Technologies Pvt Ltd Yudiz Solutions has clarified that the latter is only purchasing a 5% stake in the company.

Blaming it on a “typographical error”, Yudiz said that it is only acquiring 25 equity shares instead of 1K equity shares in the fleet management solutions provider platform.

The company further elaborated that the previous disclosure “ inadvertently” mentioned the proposed stake to be 25%, instead of 5%.

“The figure of “25%” was inadvertently mentioned due to a typographical mistake and we sincerely regret the oversight,” Yudiz added.

During the previous disclosure in March, the company said that this acquisition would help it to strengthen, leverage and gain market access via Trulot’s network and existing business.

Trulot Technologies offers fleet optimisation solutions for the truck industry. The company claims to help customers by increasing truck efficiency up to 25%, optimising driver engagement, reducing downtime and providing real-time emission tracking.

During the March announcement, the company also named Bharat Thakkar as its new CFO.

Founded in 2011, Yudiz specialises in web and mobile app development and provides services in areas of emerging technologies such as AR/VR, AI/ML, blockchain and IoT. The company went public in 2023.

In September 2024, the company also acquired 51.01% stake in digital payment solutions company ABCM App to set up a new subsidiary.

ABCM is a SaaS startup that designs and develops financial software and mobile applications for fintech companies. Yudiz acquired the company to get access to its financial clients, opening pathways for cross-selling of its gaming, blockchain and AI solutions.

On the financial front, Yudiz reported a standalone net profit of INR 5,000 for H1 FY25, against a profit of INR 1.34 Cr in the year-ago period. Operating revenue of the startup fell 23% to INR 11.15 Cr during the period under review from INR 15.87 Cr in H1 FY24.