Veefin Solutions To Pick Up 49% Stake In White Rivers Media

SUMMARY

Veefin Solutions subsidiary Infini Systems will acquire 49% stake in White Rivers Media for INR 166.6 Cr through a combination of cash and equity swap deal

The company will buy 4900 equity shares at INR 3.4 Lakh each, aiming to complete the transaction in 30-60 days

White Rivers Media recorded a turnover of INR 113.85 Cr in FY24, showing steady growth from INR 97.57 Cr in FY23 and INR 95.14 Cr in FY22

Veefin Solutions is looking to pick up a controlling stake of 49% in digital marketing agency White Rivers Media for INR 166.6 Cr ($16.66 Mn) via its subsidiary Infini Systems Limited.

The transaction will be a mix of cash and equity. Veefin’s arm Infini Systems will acquire 4,900 equity shares of White Rivers Media at 3.4 Lakh each, the company said in an exchange filing.

Through this acquisition, Veefin aims to increase revenue and efficiency by consolidating client relationships. The deal is expected to be completed in 30-60 days,

Incorporated in 2016, White Rivers Media reported a turnover of INR 113.85 Cr in the financial year 2023-24 (FY24), as compared to INR 97.57 Cr in FY23 and INR 95.14 Cr in FY22.

Founded by Shrenik Gandhi and Mitesh Kothari in 2012, Mumbai-based White Rivers Media operates as a digital marketing agency working with clients across OTT platforms, entertainment, FMCG and technology sectors. It claims to have a 600-member team working across creative and media solutions, MarTech capabilities, and marketing transformation.

Raja Debnath, chairperson, cofounder and CEO, Veefin Group said, “At Veefin Group, we have built a strong ecosystem that empowers businesses with cutting-edge financial technology and digital transformation solutions. Through this strategic investment, we are enhancing our ecosystem with deep MarTech expertise, creative digital marketing solutions, and a proven track record of success.”

Shrenik Gandhi, cofounder and CEO, White Rivers Media, said, “By combining creative and media solutions with MarTech innovation and Veefin Group’s technology-driven ecosystem, we can help brands navigate an evolving digital landscape with precision and scale.”

Founded in 2020, Veefin has been actively expanding through acquisitions. Last week, it acquired Dubai-based TradeAssets through Estorifi Solutions. In December last year, it bought Singapore-based GenAI startup Walnut AI for $2 Mn.

The BSE SME-listed company raised INR 136 Cr from capital market investors in December 2024. It plans to raise another $18 Mn in the ongoing financial year.

Veefin reported a profit of INR 4.13 Cr in Q2 FY25, up 325% from INR 97.98 Lakh in the year-ago period. Its operating revenue rose 112% to INR 19.08 Cr from INR 9.05 Cr in Q2 FY24.