Indian fintech Aurionpro bolsters AI portfolio with $16.5m takeover of Arya.ai
Mumbai-based fintech firm Aurionpro has acquired a 67% majority stake in Arya.ai, an AI-powered, Platform-as-a-Service (PaaS) start-up with a focus on the banking and insurance industries, for $16.5 million.
Aurionpro acquires Arya.ai for $16.5m
The all-cash transaction is comprised of shares held by the existing shareholders of Arya.ai and a commitment to deliver new equity capital into the start-up.
Founded in 2013 and also based in Mumbai, Arya.ai offers a cloud-based PaaS that enables enterprises to develop their own AI solutions, with offerings including an AryaXAI module for AI governance, a module called Libra for fine-tuning machine learning models, and its Arya API, which boasts connectivity with over 80 machine learning models.
With digital banking, cybersecurity and government solutions among its remit, Aurionpro says it plans to leverage the start-up’s technology to build an “enterprise AI platform” as a means to expedite the adoption of AI that is “responsible, accurate and auditable”.
It emphasises the addition of Arya.ai’s “products and expertise in AI, deep learning, intelligent automation, PaaS [and] autonomous AI platforms” as a direct benefit of its latest purchase.
The acquisition follows from the vendor’s previous deal with loan management system Omnifin, which it acquired in October from its parent company, AS Software Services, for $9.8 million.
With Omnifin’s assets, liabilities, intellectual properties, employees and contracts in tow, Ashish Rai, vice chairman of Aurionpro, said at the time that it would utilise the purchase to expand “in India as well as international markets”.
