MUMBAI: Indiabulls has agreed to acquire a 70% stake in the little-known fintech cloud that provides technology solutions to non-banking financial companies for loan origination and servicing, for Rs 1,050 crore.
In an exchange filing on Monday, Indiabulls said it will appoint a majority of directors of Fintech Cloud's Board as part of the deal.
The deal values Fintech Cloud at Rs 1,500 crore, and Indiabulls will issue 21 crore new Indiabulls shares to Fintech Cloud's shareholders for the 70% stake it is acquiring under a merger scheme, which is expected to be closed within 9-12 months, the statement said.
The deal will mark Indiabulls' entry into the NBFC fintech technology space.
Fintech Cloud was incorporated in 2021 in New Delhi and had reported no revenue until FY25. However, in FY26, it reported revenue of Rs 133.8 crore and a profit of Rs 30.31 crore.