By: 2 May 2024 is an AI-powered, Platform-as-a-Service (PaaS) start-up with a focus on the banking and insurance industries

Aurionpro acquires for $16.5m

Mumbai-based firm Aurionpro has acquired a 67% majority stake in, an AI-powered, Platform-as-a-Service (PaaS) start-up with a focus on the banking and insurance industries, for $16.5m.

The transaction is comprised of shares held by the existing shareholders of and a commitment to deliver new equity capital into the start-up.

Founded in 2013 and also based in Mumbai, offers a cloud-based PaaS that enables enterprises to develop their own AI solutions, with offerings including an AryaXAI module for AI governance, a module called Libra for fine-tuning machine learning models, and its Arya API, which boasts connectivity with over 80 machine learning models.

With digital banking, cybersecurity and government solutions among its remit, Aurionpro says it plans to leverage the start-up’s technology to build an enterprise AI platform to expedite the adoption of AI that is responsible, accurate and auditable.

It emphasises the addition of’s products and expertise in AI, deep learning, intelligent automation, PaaS and autonomous AI platforms as a direct benefit of its latest purchase.

Ashish Rai, chief executive officer of Aurionpro Solutions, said: “The acquisition of brings together Aurionpro’s portfolio of industry leading enterprise software with one of the most mature Enterprise AI platforms focused on the needs of Banks and Insurers. It also brings together probably the most talented enterprise focused AI/ML team in Asia with Aurionpro’s deep domain expertise and strengths to build highly differentiated Enterprise software. We are going through probably the most significant platform shift in the industry, and we are incredibly excited about working with and our wider ecosystem partners to build out the leading Enterprise AI platform, for the financial industry worldwide.”

Image: Aurionpro

Robert Welbourn
Robert Welbourn is an experienced financial writer. He has worked for a number of high street banks and trading platforms. He's also a published author and freelance writer and editor.