Quick Take
- Indiabulls will buy a 70% stake in Fintech Cloud for Rs 1,050 crore.
- The deal values Fintech Cloud at Rs 1,500 crore, though it reported no revenue in FY24 and FY25.
- Payment is in shares, not cash. Indiabulls will issue up to 21 crore new equity shares.
Indiabulls Limited will buy a 70% stake in Fintech Cloud Private Limited for Rs 1,050 crore. The company disclosed the deal in a regulatory filing dated September 11, 2026.
The transaction values Fintech Cloud at Rs 1,500 crore. That is a steep price for a firm that reported nil turnover in FY24 and FY25. Its revenue arrived only last year.
Fintech Cloud booked gross revenue of Rs 133.77 crore in FY26. Its profit before tax was Rs 30.31 crore. Before that, its filings show two straight years of zero sales.
So a company with one year of trading history is being valued at Rs 1,500 crore. The buyer is paying in its own stock, not cash.
What Is Indiabulls Buying?
Indiabulls is buying 70% of Fintech Cloud, a Delhi-registered technology firm that serves lenders. The company works as a Loan Service Provider, or LSP, for regulated non-banking financial companies.
Fintech Cloud provides technology for loan origination, underwriting and servicing. Its clients are NBFCs, the finance firms that lend outside the traditional banking system. An LSP is a partner that runs the digital plumbing for those lenders.
The firm was incorporated on January 11, 2021. It is registered with the Registrar of Companies in Delhi. Its stated business is technology and operations support for the regulated NBFC sector.
For Indiabulls, this is a first step into fintech. The group said the purchase lets it enter the sector through a business that already serves regulated lenders.
Why the Rs 1,500 Crore Valuation Raises Questions
The price is the hard part of this deal. Indiabulls is valuing Fintech Cloud at Rs 1,500 crore. The company earned nothing until FY26.
Here is the revenue record, drawn from the filing.
| Financial year | Gross revenue | Profit before tax |
|---|---|---|
| FY2023-24 | Nil | Not disclosed |
| FY2024-25 | Nil | Not disclosed |
| FY2025-26 | Rs 133.77 crore | Rs 30.31 crore |
One year of revenue supports the whole valuation. At Rs 1,500 crore, the price is more than 11 times FY26 gross revenue. It is about 49 times FY26 profit before tax.
Those are demanding multiples. They rest on a single year of numbers. A buyer paying them is betting the FY26 jump repeats and grows.
The filing gives no year-ago figure to compare against, because there was none. That is the risk in plain words. There is no track record here, only a debut.
How Will Indiabulls Pay for the Deal?
Indiabulls will not pay the Rs 1,050 crore in cash. The filing shows it will settle the deal in shares instead.
The company will issue up to 21 crore fully paid-up equity shares. These go to the shareholders who hold the 70% stake in Fintech Cloud. The share issue happens under an NCLT-approved scheme.
The deal runs through a scheme of arrangement. It needs approval from the National Company Law Tribunal, the body that clears such schemes. It also faces SEBI ICDR pricing rules and other regulatory checks.
Indiabulls will also take board control. It plans to appoint most directors on the Fintech Cloud board with immediate effect. The company said the deal is not a related-party transaction.
Who Is Indiabulls Now?
Indiabulls Limited was earlier called Yaari Digital Integrated Services Limited. The listed entity now carries the Indiabulls name. This deal marks its move into financial technology.
The buyer is a listed company. The target is an unlisted private firm with one year of sales. The all-share structure ties Fintech Cloud’s owners directly to Indiabulls stock.
The purchase does not close yet. It stays subject to NCLT approval, pricing rules and customary closing conditions. Until those clear, it is an agreement, not a done deal.
What this means for you: If you run or back a fintech that sells technology to NBFCs, this deal sets a fresh price marker. A listed buyer just paid Rs 1,500 crore for a firm with one profitable year, so watch what it signals for your own valuation talks.
StartupFeed Insight
The number that matters here is not Rs 1,050 crore. It is the gap between two years of zero revenue and a Rs 1,500 crore valuation. Indiabulls is paying about 11 times FY26 revenue for a firm with no history before FY26. That is a bet on the NBFC tech-stack story, not on a proven business. The all-share structure is the tell. It pushes the risk onto Fintech Cloud’s owners, who now hold Indiabulls stock instead of cash. Anyone selling loan-origination technology to NBFCs should read this as a valuation signal. The NCLT scheme will take months, so expect the pricing details to face scrutiny before this closes in FY27.
— Avinash Mishra, Business Correspondent
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Disclaimer: This article is for information only and is not investment advice. StartupFeed and its authors are not SEBI-registered investment advisors. Please speak to a SEBI-registered advisor before investing.
