Sources close to the matter told Inc42 that Veefin Solutions picked up a 26% stake in Regime Tax Solutions
The move integrates Regime’s GST compliance and accounts automation solutions, TaxGenie and PayInvoice, with Veefin’s platform
With this deal, Raja Debnath, managing director, Payal Maisheri, CFO, and Afzal Modak, director at Veefin, will join Regime’s board
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Supply chain financing startup Veefin Solutions Ltd has acquired a strategic stake in Regime Tax Solutions, a company that works with advanced GST compliance, accounts payable (AP) and accounts receivable (AR) automation.
However, the company did not disclose the deal size but sources close to the matter told Inc42 that Veefin picked up a 26% stake in Regime Tax Solutions.
The move integrates Regime’s GST compliance and accounts automation solutions, TaxGenie and PayInvoice, with Veefin’s platform. The integration enables banks and financial institutions to offer a solution combining supply chain finance with GST compliance and invoice processing.
With this deal, Raja Debnath, managing director, Payal Maisheri, CFO, and Afzal Modak, director at Veefin, will join Regime’s board.
However, Regime’s CEO Rakesh Dube will continue to head the company along with its flagship products.
Established in 2020, by Debnath and Gautam Udani, Veefin is a BSE-listed company that offers SCF and lending solutions through innovative, agile & scalable technology for its customers across the globe.
The Mumbai-based company claims to work with over 50 financial clients through its SCF platform.
“Our stake in Regime Tax Solutions perfectly aligns with our vision to help financial institutions have the best of SCF technology that allows them to solve the real problems that their corporate clients grapple with,” said Debnath.
He added, “With the new product integration, banks and financial institutions will have enhanced capabilities to solve the AR/AP issues faced by Corporates, and ultimately provide a superior experience to their customers.”
“This partnership with Veefin will enable us to transform how companies handle their financial and tax compliance procedures by offering seamless integration, cutting-edge technologies, and unmatched efficiency,” Rakesh Dube, CEO at Regime said.
Industry peer Cashinvoice raised $3.4 Mn (INR 28.2 Cr) in a Series A funding round co-led by Pravega Ventures, HDFC Bank and existing investor Accion Venture Lab, to scale up existing business and support the new product rollout in the supply chain finance ecosystem, in February.
Veefin reported its annual financial results where the company’s revenue surged by 73% to INR 24.99 Cr for the year ended March 31, 2024, from INR 14.48 Cr, a year ago, resulting from its strategic expansions and enhancements in its product offerings as well as catering to financial institutions across the globe.
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