ICRA Limited, an affiliate of Moody’s, has entered into definitive agreements for the acquisition of 100% shareholding in Fintellix India Private Limited from LFG Services Mauritius Holdings and G2 Acquisition Inc., for a consideration of ₹225 crore ($26 million).
Saraf and Partners acted for ICRA Limited on all aspects of the deal, including legal due diligence and structuring, as well as the drafting negotiation and finalization of the definitive agreements.
The transaction team was led by Vaibhav Kakkar (Senior Partner), with support from Partners - Snigdhaneel Satpathy and Debarpan Ghosh.
Samvād: Partners acted for the selling shareholders - LFG Services Mauritius Holdings and G2 Acquisition Inc.
The transaction team consisted of Nivedita Nivargi (Partner), Narayan Gupta (Principal Associate), Pranav Narayan Govind (Senior Associate), and Associates - Sakshi Tyagi and Sandesh Atyam.
The move, approved by ICRA’s board on June 12, 2025, is aimed at strengthening the credit rating agency’s capabilities in risk intelligence, regulatory reporting, and data analytics. Fintellix, which provides supervisory tech and analytics solutions to banks and financial institutions, reported a turnover of ₹76.1 crore in FY24. The transaction is expected to close within three months, subject to customary conditions.
The acquisition is seen as a strategic step toward enhancing ICRA’s tech-driven offerings amid evolving regulatory demands in the financial sector.
Fintellix, a Bengaluru based product-led company, specializes in risk, supervisory, and data analytics solutions, offered on its proprietary data platform. Fintellix enables global financial sector entities to meet regulatory requirements while efficiently managing data and providing superior analytics.
ICRA Limited is one of India’s leading credit rating agencies, and along with its subsidiaries is a preferred partner in providing best in class and independent research and analytics solutions. ICRA’s shares are listed on the Bombay Stock Exchange and the National Stock Exchange and the international credit rating agency Moody’s Investors Service is ICRA’s largest shareholder.
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