Chennai-based B2B fintech startup M2P has acquired big data analytics and intelligence platform Goals101 in a cash-and-equity deal. While the financial terms remain undisclosed, sources suggest the deal is valued at approximately INR 250 Crore (around $30 million). Through this acquisition, M2P plans to integrate Goals101’s AI-powered proprietary technology into its existing suite of financial services.
Established in 2016 by Milan Naik, Visham Sikand, Anshuman Pandey, Ishank Joshi, and Anupam Bhat, Goals101 empowers financial institutions with AI-driven technology to gather insights tailored for accelerating business growth. The startup boasts marquee investors such as Nexus Venture Partners, Sprout Venture Partners, and Dentsu.
M2P’s co-founder and CEO, Madhusudanan R., commented on the transformative shift in the global banking technology space, emphasizing the crucial role of data and AI in areas like customer service, product management, risk, and compliance. He sees data intelligence as the “new oil” refining actionable insights to deliver outcomes. M2P aims to amalgamate capabilities for a comprehensive next-generation banking experience.
Launched in 2014 by Madhusudanan R., Muthukumar A(M2P), and Prabhu Rangarajan, M2P provides technology that powers the digital aspirations of banks, lenders, fintechs, and other financial services players. Operational in 20 markets across the Asia Pacific, MENA, and Oceania regions, M2P reported a 6.2X surge in its net loss to INR 40.9 Crore in FY22, compared to INR 6.5 Crore in the previous year.
The fintech ecosystem in India continues to thrive, with Inc42’s State Of Indian Fintech Report, Q3 2023, estimating its worth at over $584 billion. Projections indicate it could reach $2.1 trillion by 2030, reflecting an 18% compound annual growth rate (CAGR).
