ICICI Bank to buy stakes in two fintech companies for Rs 6.03 crore

ICICI Bank on Tuesday said it will buy stakes in two fintech companies -- CityCash and Thillais Analytical Solutions -- for a total cash consideration of Rs 6.03 crore.

CityCash is a bus transit-focused payments technology company which provides ticketing system technology to state transport corporations.

Thillais Analytical Solutions operates a neo-banking platform Vanghee, which facilitates connected banking solutions for corporates and MSMEs, and helps banks deepen their customer relationships.

As per two separate deals entered by the bank on Tuesday, ICICI Bank will buy 5.40 per cent stake in CityCash for Rs 4.93 crore (Rs 49.34 million) and 9.65 per cent in Thillais Analytical Solutions Pvt Ltd for Rs 1.1 crore (Rs 11 million).

Both the deals are expected to be completed by the end of March 2021, ICICI Bank said in separate filings to stock exchanges.

Post investment, ICICI Bank will hold 5.40 per cent shareholding in Tap Smart Data Information Services Pvt Ltd (CityCash) through acquisition of 5,492 equity shares. The 9.65 per cent stake in Thillais Analytical Solutions will be through acquisition of 10 equity shares and 100 CCPS (Compulsory Convertible Preference Shares).