Private Equity Liquidity Events
Infibeam acquires Uvik Tech for Rs.75-Cr in stock-cum-cash deal
Source MoneyControl (opens in a new tab)BSE Release (opens in a new tab)
Ahmedabad-based, publicly-listed fintech firm Infibeam has acquired Bengaluru-based, payments-focused Uvik Technologies (which runs the UPoS platform) for INR 75 crore in a cash and stock deal. Uvik's VC investor Season Two Ventures will get an exit through the deal. Infibeam will allot 61 lakh preferential shares to Season Two Ventures Fund at INR 45 apiece, aggregating to INR 27.5 crore "for consideration other than cash".
Uvik is in the contactless payments space and has developed technology that converts a smartphone into a payment device. Uvik has a 25-member team led by co-founder and CEO Rahul Hirve and co-founder Amartya Singh.
Company website ↗ (opens in a new tab)
From the Venture Intelligence PE-VC Deal Database: Between Dec-19 and Jun-20, UPoS (Uvik) raised nearly $1-M from Season Two Ventures. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)