Aurionpro Solutions Limited (BSE: 532668) (NSE: AURIONPRO) has announced the strategic acquisition of Arya.ai, a Mumbai-based Banking and Insurance focused PaaS startup. With this acquisition, Aurionpro aims to enhance its enterprise fintech offerings by incorporating Arya.ai’s AI technology, which prioritizes responsibility, accuracy, and auditability. This move aligns well with the evolving needs of Banks and Insurers.
Under the terms of the agreement, Aurionpro Solutions Ltd. will acquire a majority stake (67%) in Arya.ai. This acquisition will bring expertise in Artificial Intelligence, Deep Learning, Intelligent Automation, PaaS, Autonomous AI Platforms, and tailored industry solutions to complement Aurionpro’s existing portfolio. Arya.ai’s Enterprise AI solutions are currently used by over 100 Banks and Insurers across Asia.
The transaction involves acquiring shares from existing shareholders and subscribing to new equity capital, with the deal being an all-cash transaction amounting to approximately 16.5 million USD, including secondary acquisition and fund infusion.
By integrating Arya.ai’s AI cloud platform with Aurionpro’s offerings, the company aims to create a leading Enterprise AI platform focused on delivering value to financial institutions globally. Leveraging Arya.ai’s AI solutions and governance tools will accelerate Aurionpro’s vision of creating highly differentiated software that facilitates financial institutions in realizing true business value from Enterprise AI.
Commenting on the acquisition, Ashish Rai, CEO of Aurionpro Solutions, stated, “The acquisition of Arya.ai combines Aurionpro’s leading enterprise software portfolio with one of the most mature Enterprise AI platforms tailored for Banks and Insurers. This collaboration also brings together a highly skilled team in enterprise-focused AI/ML in Asia with Aurionpro’s deep domain expertise, paving the way for the development of highly differentiated Enterprise software. We are excited about the opportunity to work with Arya.ai and our wider ecosystem partners to build the leading Enterprise AI platform for the financial industry worldwide.”
Vinay Kumar, CEO/Founder of Arya.ai, emphasized the challenges of making AI acceptable and scalable in the financial industry, highlighting the need for stability, reliability, explainability, auditability, compliance, and safety. Arya.ai’s decade-long experience in building tools/platforms for deep learning has facilitated the development of a verticalized AI Operating System for Banking and Insurance.
Together with Aurionpro, Arya.ai aims to build a new generation of Enterprise AI software for Banks and Insurers, embedding AI into tasks or enabling Autonomous Agents to handle entire transactions.
Established in 2013 by Vinay Kumar Sankarapu and Deekshith Marla from IIT Bombay, Arya.ai was one of the first AI startups to leverage Deep Learning and deploy it in enterprises. Arya.ai’s PaaS offering for BFSIs primarily consists of three components: Arya API, Libra, and AryaXAI. Today, Arya.ai serves more than 100 clients in BFSIs globally, with a focus on India & South-East Asia. With a core team of researchers and data scientists, Arya.ai has been instrumental in publishing impactful IP and productizing research into products for the BFSI sector in areas such as Deep Learning, Explainable AI, Model Alignment, and Computer Vision.