- 23 Dec 2024
- ICICI Securities
TECHM’S WHOLLY OWNED SUBSIDIARY YABX TECHNOLOGIES ACQUIRED 30% STAKE IN FURAHA HOLDINGS
News: TechM informed the stock exchange that Yabx Technologies, a wholly owned subsidiary of Comviva Technologies, a subsidiary of the Company has acquired 30% stake in Furaha Holdings. The company is engaged in the business of digital lending in Uganda and is desirous of launching purpose based lending businesses across Africa.
Views: Furaha will issue shares worth US$3 mn in lieu of Yabx Netherlands resulting in it holding a total voting stake of 19.35% in Furaha. The objective of the Transaction is to become a strategic technology partner to Furaha and also to share the upside of growth of Furaha business via its revenue sharing arrangement. Additionally, this transaction comes in line with TechM’s ambition of expanding its BFSI portfolio, wherein the company is seeing slight sentimental shift in the customer behaviour.
Impact: Positive