Yudiz Solutions Acquires Majority Stake in ABCM App, Expands into Fintech Sector

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

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.

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

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.

Yudiz Solutions acquires majority stake in ABCM App, expands into fintech sector

Yudiz Solutions Limited, an IT services and product-based company, has acquired a 51.01 per cent stake in ABCM App Pvt. Ltd., a fintech firm specialising in digital payment solutions. This acquisition marks Yudiz's entry into the rapidly growing fintech sector and positions it as a key player at the intersection of fintech, gaming, blockchain and AI, stated an official release here Thursday. ABCM App's expertise in payment systems and financial technologies will complement Yudiz's technological capabilities. Integrating fintech with Yudiz's blockchain and AI solutions will provide a competitive edge, offering more secure, efficient and scalable digital financial services. With the acquisition, Yudiz gains access to ABCM's established fintech clientele, presenting cross-selling opportunities for its gaming, blockchain, and AI solutions and broadening its reach in the financial and technology sectors. The collaboration will expedite the development of innovative solutions such as AI-driven financial analytics, blockchain-based payment systems, and secure digital wallets. Yudiz is also positioned to introduce new concepts like gamified payment platforms and tokenised financial products, the release added. SHARE Copy linkEmailFacebookTwitterTelegramLinkedInWhatsAppRedditPublished on September 12, 2024

Yudiz Solutions acquires majority stake in ABCM App

Strategic expansion marks Yudiz's entry into the rapidly growing fintech sector Yudiz Solutions Limited, a leading IT services and product-based company, has acquired a 51.01% stake in ABCM App Pvt. Ltd., a fintech firm specialising in digital payment solutions. This acquisition marks Yudiz's entry into the rapidly growing fintech sector and positions it as a key player at the intersection of fintech, gaming, blockchain and AI. With this strategic move, Yudiz aims to enhance its service offerings by leveraging its expertise in blockchain and artificial intelligence to revolutionize financial services. By combining the technological strengths of both companies, Yudiz is set to drive growth in India's dynamic fintech ecosystem and play a vital role in shaping the future of the digital economy. Commenting on the acquisition, Bharat Patel, Chairman and Director of Yudiz Solutions Limited, said, "I have closely observed the fitness landscape in India evolve over the years. The pace at which financial services are becoming more accessible is truly unprecedented. At the Global Fintech Festival 2024, Prime Minister Narendra Modi highlighted how fintech has democratised financial services. At Yudiz, we are not just witnessing this revolution, but are actively contributing to it. Our collaboration with ABCM App reflects our commitment to creating secure, innovative solutions that meet global financial needs. Together, we are simplifying financial transactions while ensuring that these services are inclusive, empowering individuals across all socioeconomic backgrounds." The acquisition represents a huge step in Yudiz's efforts to diversify and strengthen its offerings. ABCM App brings immense value through its proven fintech solutions, which, when integrated with Yudiz's AI and blockchain expertise, will enable the development of cutting-edge financial products and services and capitalise on the burgeoning fintech sector. ABCM App's expertise in payment systems and financial technologies will complement Yudiz's existing technological capabilities. Integrating fintech with Yudiz's blockchain and AI solutions will provide a competitive edge, offering more secure, efficient and scalable digital financial services. Santosh Purabia, Director of ABCM App Pvt. Ltd. said, "The collaboration with Yudiz Solutions opens up exciting possibilities for us. We are confident that this partnership will push the boundaries of fintech innovation, merging our digital payment solutions with Yudiz's advanced technological capabilities. Together, we aim to set new standards in digital financial services, delivering greater value and convenience to users." The acquisition expands Yudiz's service offerings within the fintech space and also reinforces its leadership position in the IT sector by expanding into areas critical for the future of digital finance. With a focus on fostering digital inclusion and supporting India's growing fintech landscape, Yudiz is set to accelerate the adoption of secure digital transactions, particularly in underserved markets. With the acquisition, Yudiz gains access to ABCM's established fintech clientele, presenting cross-selling opportunities for its gaming, blockchain and AI solutions, and broadening its reach in both the financial and technology sectors. The collaboration will expedite the development of innovative solutions such as AI-driven financial analytics, blockchain-based payment systems and secure digital wallets. Yudiz is also positioned to introduce new concepts like gamified payment platforms and tokenised financial products. The integration of ABCM's resources, talent and technology with Yudiz's infrastructure will drive operational efficiencies, streamline costs, enhance productivity, and enable rapid scaling across business verticals. Moreover, the coming together of ABCM's payment expertise with Yudiz's blockchain and AI capabilities will contribute to India's transition to a cashless economy. While AI will play a crucial role in personalising user experiences and improving security, blockchain technology will enhance transparency and trust in financial transactions. Together, they will address the growing demands of users for efficient, secure and user-friendly financial solutions. The collaboration will also facilitate the creation of accessible fintech solutions, including micro-lending, digital wallets, and low-cost remittance services, particularly targeting underserved rural markets.