KFin Technologies Sells 20.95% Stake in Fintech Products and Solutions

KFin Technologies has sold its 20.95% stake in Fintech Products and Solutions to PHONE2VOTE India for INR 6.5 crore. Read the full release in the article.

by Damodharan N

Updated Jul 03, 2024

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KFin Technologies Sells 20.95% Stake in Fintech Products and Solutions

KFin Technologies Limited has announced the sale of its entire 20.95% stake in Fintech Products and Solutions (India) Private Limited (FPSIPL). This decision follows the approval by the company's Board of Directors and is documented in definitive agreements signed on July 2, 2024. The transaction is subject to customary closing conditions.

Key Financial Details:

  1. Impact on Financials: For the fiscal year 2023-24, KFin Technologies recorded a loss of INR 24.08 million due to FPSIPL, representing 0.74% of the company’s profit before tax. The net worth contribution of FPSIPL was -0.002% due to these losses.
  2. Agreement and Completion Date: Both the agreement signing and the expected completion of the sale took place on July 2, 2024.
  3. Consideration: The sale consideration is INR 6,50,00,013 (Six Crore Fifty Lakh and Thirteen Rupees).
  4. Buyer Details: The buyer, PHONE2VOTE India Private Limited, is registered under the Indian Companies Act 1956, with its office in Hyderabad. This entity is not part of KFin Technologies' promoter or promoter group.

Read the full release Here 

Fintech Products and Solutions 

FinTech Products and Solutions (India) Private Limited, established in May 2016 and based in Hyderabad, Telangana, is a private non-government company specializing in financial technology. The company offers the Moneyone platform, comprising FinShare and FinPro, which provide data management, access, governance, and analytics for the Account Aggregator ecosystem.

FinShare ensures secure data sharing, while FinPro offers APIs for digital lending, personal finance management, wealth management, and robo-advisory services. Their products comply with regulatory standards and support integration with authorized Account Aggregators.

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PHONE2VOTE India Private Limited

PHONE2VOTE India Private Limited, established on December 31, 2012, is a private non-government company registered in Hyderabad under the Corporate Identification Number (CIN) U93092TG2012PTC085151. It operates with an authorized and paid-up capital of INR 100,000. The company, promoted by Atluri Krishna Prasad, Uma Devi Atluri, and Naren Prasad Atluri, remains active and unlisted.

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KFin Technology

KFintech is a leading provider of digital services and solutions for asset managers, mutual funds, AIFs, pension funds, wealth managers, and corporates in India and abroad. With a strong presence in India, Southeast Asia, and the NPS ecosystem, KFintech offers SaaS-based transaction management, compliance solutions, data analytics, and outsourcing services.

The company services 25 Indian mutual fund AMCs, 33 clients in SEA, and manages 26 crore folios, processing over 18 lakh transactions daily. Recognized as a top corporate registrar and RTA, KFintech also excels in insurance transaction processing, fund administration, and mortgage management. Committed to client success, innovation, and community growth, KFintech aims to be the trusted technology partner for financial services globally.

KFin Technologies Sells 20.95% Stake in Fintech Products and Solutions - FAQs

1. What did KFin Technologies Limited announce?      

KFin Technologies announced the sale of its 20.95% stake in Fintech Products and Solutions (India) Private Limited.

2. When was the sale agreement signed?  

The sale agreement was signed on July 2, 2024.

3. Who approved the sale?  

The sale was approved by KFin Technologies' Board of Directors.

4. How much did KFin Technologies sell its stake for?  

The stake was sold for INR 6,50,00,013 (Six Crore Fifty Lakh and Thirteen Rupees).

5. Who bought the stake?  

The stake was bought by PHONE2VOTE India Private Limited.

6. What financial impact did FPSIPL have on KFin Technologies?  

FPSIPL caused a loss of INR 24.08 million, which is 0.74% of KFin Technologies' profit before tax.

7. What is the net worth contribution of FPSIPL?        

The net worth contribution was -0.002% due to the losses.

8. What does Fintech Products and Solutions do?  

They offer the Moneyone platform for data management, access, and analytics in the Account Aggregator ecosystem.

9. When was PHONE2VOTE India Private Limited established?  

PHONE2VOTE India was established on December 31, 2012.

10. What is KFintech known for?  

KFintech is known for providing digital services and solutions for asset managers, mutual funds, and corporates.

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