India Inc India Inc: Wednesday, 14 March 2018 05:40

UK firm acquires Indian blockchain start-up

Mumbai-based blockchain start-up Aetlo Tech has been acquired by UK-based banking and financial services company Page Solutions.

Sridhar Dasari, Operations Chief at Page Solutions, said: “This acquisition further strengthens Page’s position in providing the first and last blockchain solution a customer will ever need from start-up to global enterprise, while integrating seamlessly with its other enterprise applications.”

As part of the deal, co-founders Rupesh Mishra and Adarsh Kumar and three others will move to Page’s office in Madhapur, a suburb of Hyderabad. The team will work as part of a new subsidiary for Page’s blockchain solutions called PaidChain Technology Pvt. Ltd.

Mishra said the lack of interest from Indian health insurance firms in the blockchain management of claims fuelled the early buyout.

He added: “While we worked with several companies such as Tata AIG General Insurance Company, and developed proofs of concepts, the blockchain solutions were never deployed.

“CBSes necessitate a process called reconciliation, which results in banks spending a lot of money. Then there is the pain point of keeping data safe, despite sharing it with a consortium of banks or insurance companies. Blockchain can solve all of these issues.”

India Investment Journal’ has in-depth coverage on related topics.

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