Aurionpro Solutions, a financial services software firm, announced its acquisition of Arya.ai, a fintech startup focused on banking and insurance, for $16.5 million (approximately Rs 138 crore).
In this all-cash transaction, NSE-listed Aurionpro Solutions will purchase a 67% stake in the Mumbai-based company.
Arya.ai, a platform-as-a-service founded in 2013 by IIT Bombay graduates Vinay Kumar and Deekshith Marla, had previously raised about $2 million from investors like YourNest, DMI Sparkle Fund, and Venture Nursery. Kumar mentioned that most investors, except a few angels, would exit the cap table following the deal.
Aurionpro Solutions CEO Ashish Rai stated that the acquisition will enrich its business offerings by utilizing Arya.ai’s enterprise artificial intelligence (AI) capabilities. “The acquisition empowers us to expand our geographical footprint into the US and Southeast Asia, tapping into new markets and opportunities,” Rai said.
Currently, the company derives approximately 60% of its revenue from India and 40% from international markets. Among these, the US contributes around 8%, while Europe, West Asia, and Africa collectively contribute 4%.
Arya.ai offers a suite of pre-trained models essential for banking, financial services, and insurance sectors through its Arya application programming interface. Through Libra, it offers a collection of task-specific deep learning models that can be customized based on users’ training data, and with AryaXAI, it provides a software observability tool.
“We’ve been growing 3x year-on-year in the last couple of years and have been profitable,” said CEO Kumar.
The startup collaborates with approximately 95 clients, including divisions of ICICI Bank, HDFC Bank, and Axis Bank. Its team consists of 32 employees, including a core group of researchers and data scientists.
Aurionpro Solutions CEO Ashish Rai mentioned that all Arya.ai employees will continue to operate independently on Arya.ai projects.
Aurionpro Solutions has around 2,300 employees spread across its offices in India and worldwide.
