M2P Fintech, a leading digital banking infrastructure provider, is set to acquire Chennai-based artificial intelligence startup Mad Street Den in a distress sale. According to Moneycontrol, which first reported the development, the deal comprises a mix of stock and cash transactions.
Sources reveal that M2P Fintech is acquiring Mad Street Den for approximately $10-15 million, a significant markdown from the startup’s fundraising history. To date, Mad Street Den has raised over $50 million, including a $30 million round in January 2023 led by Alpha Wave and Peak XV (formerly Sequoia Capital).
Founded in 2016 by Ashwini Asokan and Anand Chandrasekaran, Mad Street Den specializes in AI-powered solutions for the retail industry. Its flagship product, Vue.ai, offers automation and inventory management tools designed to enhance retail operations.
This acquisition marks M2P Fintech’s second in the past 15 months. In December 2023, the company acquired Goals101, a transaction behavioral intelligence (TBI) firm with operations in India and other global markets.
M2P Fintech provides API-driven banking and financial services infrastructure, enabling businesses to launch their own branded financial solutions while ensuring compliance with regulatory requirements. The company recently closed a $100 million primary and secondary funding round in September last year, strengthening its position as a key enabler in the fintech ecosystem.
The acquisition of Mad Street Den is expected to bolster M2P Fintech’s AI capabilities, particularly in automation and data intelligence, further enhancing its product offerings for the financial sector.
