Board Approves Business Transfer Agreement to Acquire Software Platform from Promoter-Linked Elanistech for Rs.10 Crore

Board has approved a Business Transfer Agreement to acquire a software platform, assets, brands, IP and human resources from Elanistech Private Limited.

Tue 29 Sep 2026

Acquisition Consideration

Rs.10,00,00,000/- (Rupees Ten Crores Only)

Target Company

Elanistech Private Limited

Assets Being Acquired

Software platform, assets, brands, IP and human resources

Related Party

Mr. Karthik Srinivasan, Promoter, Chairman, MD & CFO is a Director and shareholder in Elanistech

Completion Timeline

Tentatively within 3 months

What was approved

The Board of Directors, at its meeting held on 29th September, 2026 (1:00 p.m. to 1:30 p.m.), considered and approved the acquisition of a software platform, assets, brands, IP, human resources and related resources from Elanistech Private Limited, and approved a Business Transfer Agreement for the same.

This is an asset/business purchase, not a share purchase — the disclosure notes percentage of shareholding or control acquired as not applicable.

Consideration

• Total lump-sum purchase consideration: Rs.10,00,00,000/- (Rupees Ten Crores Only)
• Form: cash consideration, in one or more tranches

Related party angle

• The acquisition falls within related party transactions.
• The promoter/promoter group has an interest in the entity being acquired.
• Mr. Karthik Srinivasan, Chairman, Managing Director & Chief Financial Officer and Promoter of the Company, is also a Director and a shareholder in Elanistech Private Limited.
• The Company states the transaction is done at arm's length.

About the seller

• Elanistech Private Limited is a private limited company incorporated in Karnataka, with date of incorporation 21st August, 2026.
• Business: developing software related to financial services, electronic payment and other services.
• Net worth: Rs.(50.80) lacs (a negative net worth).
• Turnover: Nil as on 31st March, 2026; history of last 3 years turnover: NIL.
• Presence: India.

Stated rationale

The Company says the transaction is commercially beneficial and will help with its primary business activity, to kickstart revenue generation, and that the acquisition is aligned with the Company's strategic objective.

Next steps and conditions

• The transaction is subject to the approval of the members (shareholders) of the Company; details will be disclosed separately at an appropriate time.
• No governmental or regulatory approvals are stated as required.
• Indicative completion: tentatively within 3 months, or such extended period as mutually agreed by the parties.

How investors may read it

The move signals a pivot towards a software/fintech platform business intended to start generating revenue. At the same time, the consideration of Rs.10,00,00,000/- is being paid to a promoter-linked entity that has a negative net worth of Rs.(50.80) lacs and nil turnover, so shareholders are likely to focus on the valuation basis, the arm's length assertion and the terms placed before them in the shareholder approval process.

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