Internovo Ventures Pvt Ltd on Friday said it has bought fintech platform Mera Cashier in a cash-and-stock deal.
This marks Internovo’s first acquisition. However, it did not disclose the financial details of the deal.
Internovo Ventures is a joint venture between the family offices of Karan Desai, and Akshay Srivastava. Desai is a financial services executive who has founded Interface Ventures, an incubation and operational advisory platform, and is also a non-executive director at Ruloans Distribution Services Pvt Ltd.
Srivastava is the founder of DSFX Technologies, a tech-solutions platform.
“Mera Cashier is a highly strategic fit in Internovo’s fintech platform strategy as it allows Internovo to penetrate deeply into the small business and merchant segments, marrying basic accounting with fully integrated loan arrangement services to begin with,” Desai said.
Following the acquisition, Mera Cashier platform will be rebranded as Indibook, Srivastava added. “Internovo’s soon-to-be-launched B2B2C loan origination platform Indirow, will be deeply integrated into Mera Cashier (which is being redesigned and rechristened “Indibook”) and the technology stack of RULoans,” he said.
Launched in 2019 by Suneel Kumar, Sucharita Reddy and Gaurav Tomar in Noida, Mera Cashier helps small merchants digitize daily transaction records and monitor their credit sales through its tech-driven offering. The app claims to have over 40,000 active monthly users, completing about 50,000 end customer transactions, so far.
Mera Cashier was incubated by the Google Accelerator program and Startup Nexus, which is the business incubator program run by the American Embassy and ACIR. It also counts India Accelerator, Amit Singhal, founder Fluid Ventures, Vinod Abrol, head of private investments at SAR Family Office, among its investors.
Despite a slowdown in funding, the outlook for mergers & acquisitions (M&As) remains positive.
“The M&A outlook in India remains robust due to a number of factors - emergence of India as an attractive investment destination globally, availability of cash, PE/VCs sitting on dry powder and corporates and growth-centric companies focusing on consolidation, diversification and developing new profit pools,” said Mahesh Singhi, founder and managing director of Singhi Advisors.