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M2P Fintech to acquire Mad Street Den in distress sale

Entrackr · 1m

M2P Fintech to acquire Mad Street Den in distress sale Digital banking infrastructure company M2P Fintech is all set to acquire Chennai-based AI startup Mad Street Den, sources aware of the development told Entrackr. Moneycontrol, which reported the development first, said that the deal is a mix of stock and cash. According to sources, M2P Fintech is acquiring Mad Street Den in a distress sale for approximately $10-15 million. The company has raised over $50 million to date, including a $30 million round in January 2023 from Alpha Wave and Peak XV (formerly Sequoia Capital). Founded in 2016 by Ashwini Asokan and Anand Chandrasekaran, Mad Street Den’s core product Vue.ai focuses on the retail segment to provide automation and inventory management solutions.