Tech3 | M2P buys AI tech with Mad Street Den deal; Kissht co-founders leave to start up; and more

One quick thing:?InsuranceDekho?bags $70 million?in funding?

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In today’s newsletter:

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• M2P buys AI tech with Mad Street Den deal
• Kissht co-founders leave to start up?
• Another IPO from Info Edge stable

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P.S.:?Introducing the Tech3 Podcast, your daily dose of tech and startup insights. Monday to Friday! Check it out on?Spotify?or?Apple Podcasts

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M2P buys AI tech with Mad Street Den deal

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This ‘Chenn-AI’ deal marks a significant moment in India’s SaaS landscape!

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Tell me more:?Chennai-based fintech infrastructure firm M2P is acquiring AI startup Mad Street Den (MSD) in a cash-and-stock deal valued at $10-15 million,

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• This marks a major consolidation move in India’s SaaS industry

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The acquisition includes MSD’s AI platform, Vue.ai, which serves the banking, insurance, logistics, retail, and government sectors.??

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Deal deets:?This is a big step for M2P as it gears up for an IPO soon.

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• M2P will be integrating MSD’s AI capabilities to double down on its data-first growth strategy, positioning itself as an AI-native enterprise ahead of its anticipated IPO

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• Since MSD is domiciled overseas, M2P is acquiring its intellectual property, contracts, and team rather than executing a direct acquisition

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Both founders, Madhusudanan from M2P and Ashwini Asokan from Mad Street Den, also have a Chennai connection.

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SaaS consolidation heats up:?The SaaS space is experiencing increased M&A activity, exemplified by Insight Partners' acquisition of Eka Software and BrowserStack's purchase of Bird Eats Bug.

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• Multiple sources told us that MSD's acquisition, despite its strong AI portfolio, was driven by capital constraints and the challenges of future fundraising

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