M2P Fintech Acquires Mad Street Den

Digital banking infrastructure firm M2P Fintech is preparing to purchase the Chennai-based AI startup Mad Street Den, as reported by sources familiar with the situation to Startup Superb. Moneycontrol was the first to share the news about this acquisition, which will involve a combination of stock and cash.

Sources reveal that M2P Fintech’s acquisition of Mad Street Den is occurring under distress conditions, with the deal valued at approximately $10-15 million. To date, Mad Street Den has successfully raised over $50 million, which includes a significant $30 million funding round in January 2023 from Alpha Wave and Peak XV, previously known as Sequoia Capital.

Mad Street Den was established in 2016 by Ashwini Asokan and Anand Chandrasekaran. The company’s flagship product, Vue.ai, is designed to enhance the retail industry by offering automation and inventory management solutions.

This is an ongoing story…