Yudiz Picks Up 51% Stake In ABCM App To Venture Into Fintech Space

Yudiz Picks Up 51% Stake In ABCM App To Venture Into Fintech Space

SUMMARY

Yudiz has picked up a 51.01% stake in ABCM App for INR 6.14 Cr in all-cash deal

By tapping into ABCM App’s fintech solutions, Yudiz aims to build solutions such as AI-driven financial analytics, blockchain-based payment systems and secure digital wallets

Founded in 2019, ABCM App is a SaaS startup specialising in the design and development of financial software and mobile applications

Listed blockchain and IT development startup Yudiz Solutions has forayed into the fintech sector by acquiring a majority stake in Mumbai-based digital payment solutions company ABCM App.

In a statement, the company said it has picked up a 51.01% stake in ABCM App as it seeks to expand its offerings. While Yudiz did not disclose the financial terms of the deal, in an exchange filing last month, the company said the all-cash deal would be valued at INR 6.14 Cr.

Founded in 2019, ABCM App is a SaaS startup specialising in the design and development of financial software and mobile applications. The company claims to have clocked a revenue of INR 81.58 Lakh in the fiscal year ended March 2024 (FY24).

According to Yudiz, the acquisition would give it access to ABCM’s established fintech clientele, and open cross-selling opportunities for its gaming, blockchain and artificial intelligence solutions.

Under the partnership, Yudiz will integrate its blockchain and IT expertise with ABCM App’s fintech solutions to develop solutions such as AI-driven financial analytics, blockchain-based payment systems and secure digital wallets.

With this acquisition, Yudiz is also well-positioned to introduce new concepts like gamified payment platforms and tokenised financial products, it said.

The company added that it will bank on ABCM App’s resources, talent and technology to drive operational efficiencies, streamline costs, enhance productivity, and enable rapid scaling across business verticals.

Founded in 2011, Yudiz specialises in web and mobile app development while providing services in areas of emerging technologies such as AR/VR, AI/ML, blockchain and IoT. Its shares were listed on the NSE SME platform in August last year.

Yudiz posted a net loss of INR 2.9 Cr in FY24 as against a net profit of INR  INR 2.7 Cr in FY23.  

The company’s entry into the fintech sector puts it in direct competition with established players in the space such as Paytm, CRED, and Pine Labs. However, Yudiz will look to carve out a niche with its blockchain-based fintech solutions.

According to Inc42 data, the Indian fintech industry is expected to grow at a CAGR of 18% to reach a market size of $2.1 Tn by 2030, Since 2014, the sector has attracted more than $25.8 Bn in investments, minting 22 unicorns and 33 soonicorns in the process.

 

You have reached your limit of free stories
Become An Inc42 Plus Member

Become a Startup Insider in 2024 with Inc42 Plus. Join our exclusive community of 10,000+ founders, investors & operators and stay ahead in India’s startup & business economy.

2 YEAR PLAN
₹19999
₹7999
₹333/Month
Unlock 60% OFF
Cancel Anytime
1 YEAR PLAN
₹9999
₹4999
₹416/Month
Unlock 50% OFF
Cancel Anytime
Already A Member?
Discover Startups & Business Models

Unleash your potential by exploring unlimited articles, trackers, and playbooks. Identify the hottest startup deals, supercharge your innovation projects, and stay updated with expert curation.

Yudiz Picks Up 51% Stake In ABCM App To Venture Into Fintech Space-Inc42 Media
How-To’s on Starting & Scaling Up

Empower yourself with comprehensive playbooks, expert analysis, and invaluable insights. Learn to validate ideas, acquire customers, secure funding, and navigate the journey to startup success.

Yudiz Picks Up 51% Stake In ABCM App To Venture Into Fintech Space-Inc42 Media
Identify Trends & New Markets

Access 75+ in-depth reports on frontier industries. Gain exclusive market intelligence, understand market landscapes, and decode emerging trends to make informed decisions.

Yudiz Picks Up 51% Stake In ABCM App To Venture Into Fintech Space-Inc42 Media
Track & Decode the Investment Landscape

Stay ahead with startup and funding trackers. Analyse investment strategies, profile successful investors, and keep track of upcoming funds, accelerators, and more.

Yudiz Picks Up 51% Stake In ABCM App To Venture Into Fintech Space-Inc42 Media
Yudiz Picks Up 51% Stake In ABCM App To Venture Into Fintech Space-Inc42 Media
You’re in Good company