Veefin to acquire controlling stake in digital marketing firm White Rivers

Veefin Solutions Ltd, a Mumbai-listed supply chain fintech platform, said Monday it has agreed to acquire a stake of up to 49% in digital marketing agency White Rivers Media Solutions Pvt Ltd for ₹166.6 crore ($19 million). 

The company will also gain majority board control of White Rivers, Veefin said in a stock-exchange filing. The acquisition will be via a mix of cash consideration and equity share swap, it said. 

This is at least the 11th acquisition by Veefin. The company had, in September last year, acquired digital lending platform EpikIndifi Software & Solutions for ₹125 crore. It said at the time that it would spend ₹400 crore on inorganic bets to expand its network and offerings. Earlier this month, it made its second offshore acquisition by taking over TradeAssets via its subsidiary Estorifi Solutions for $4.4 million. 

White Rivers Media, headquartered in Mumbai, is a digital marketing agency. It serves clients across the banking and financial services, entertainment, fast-moving consumer goods, real estate, and e-commerce sectors 

Veefin Group co-founder, chairperson and CEO Raja Debnath said: “This acquisition will enable us to combine technology with AI-led data-driven marketing to drive engagement.” 

White Rivers Media has over 600 employees on its rolls. It posted revenue of ₹113.85 crore for FY24, up from ₹97.57 crore and ₹95.14 crore in the previous two years. 

Veefin is a supply chain finance and digital lending solutions provider, which caters to banks and other financial institutions. Incorporated in 2020, Veefin is headquartered in Mumbai and has offices in Ahmedabad, Dhaka, and Dubai. According to its website, it has over 200 employees.