Estorifi Solutions, a subsidiary of Veefin Solutions, has acquired a 26% stake in Tax Genie for ₹32.48 crores through an equity share swap, securing 51% management control. This acquisition is not considered a related party transaction, as the promoters and group companies have no vested interest in the entity.
The primary objectives of this acquisition are to enhance revenue and efficiency by integrating software offerings and strengthening client relationships. No governmental or regulatory approvals are needed for this transaction, and the acquisition is set to benefit both parties in their respective markets.
Regime Tax Solutions Private Limited, also known as Tax Genie, is a private limited company incorporated in India on May 22, 2017, with a Corporate Identity Number of U72900MH2017PTC295173. The company operates in the information technology and related service sectors, boasting an authorized capital of ₹1,00,00,000 and a paid-up capital of ₹35,04,430. As of March 31, 2023, its turnover was ₹3.74 crores, showing growth from ₹3.28 crores in 2022 and ₹1.90 crores in 2021.