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.

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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.

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.

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.