Rating agency ICRA announced on Monday that it will acquire the remaining 40% stake in D2K Technologies for ₹32 crore. According to reports from Business Standard, this acquisition will bring ICRA Analytics' total ownership to 100% of the equity share capital of D2K Technologies on a fully diluted basis. The transaction involves ICRA Analytics, which is a wholly-owned subsidiary of ICRA Ltd that provides services, solutions, analytics and digital platforms for risk management, mutual funds, fixed income, and knowledge services. As per the latest reports, ICRA Analytics will acquire 4,00,000 equity shares of D2K, each valued at ₹10, making D2K Technologies a wholly owned step-down subsidiary of ICRA upon completion. The Board of Directors of ICRA Analytics has approved the proposal to enter into a Share Purchase Agreement and amendments to the Investment Agreement with D2K and its existing shareholders.
As reported by Business Standard, ICRA Analytics currently holds 60% stake in D2K Technologies, which is engaged in the business of providing banking and software services to banks, other financial institutions, and corporates. Upon completion of the proposed acquisition, D2K Technologies will become a wholly-owned step-down subsidiary of ICRA. The acquisition is contingent upon the successful execution of the transaction by the depositories, according to the regulatory filing. No governmental or regulatory approvals are required for this acquisition, as reported by latest sources. The transaction is structured to consolidate ownership without requiring any governmental or regulatory approvals, streamlining the process for the entity.
D2K Technologies, incorporated on 4 May 2001, specialises in providing banking and finance solutions and software services to banks, financial institutions, and corporates, and is headquartered in Mumbai, Maharashtra. According to the latest financial data, D2K Technologies reported a turnover of ₹23.76 crore for the financial year 2026. Its turnover for FY25 was ₹25.05 crore, and for FY24 it was ₹18.58 crore. This shows a decline in revenue from FY24 to FY25, with a further decrease in FY26, indicating potential challenges in the company's growth trajectory. The consideration of ₹32 crore will be paid in cash, with the closing contingent upon the successful execution of the transaction by the depositories.
According to the regulatory filing reported by Business Standard, this acquisition will consolidate ICRA's control over D2K Technologies, which operates in the banking and financial services software sector. The transaction represents a significant expansion of ICRA Analytics' subsidiary portfolio, strengthening its position in the risk management and financial technology services market through complete ownership of the banking software solutions provider. The acquisition allows ICRA Analytics to fully integrate the entity's capabilities into its broader portfolio, enhancing ICRA's capabilities in the banking technology space while providing D2K Technologies with access to ICRA's extensive network and resources. D2K Technologies India Private Limited is classified as a related party transaction, being an indirect subsidiary of ICRA Limited, and the acquisition will enable cross-selling opportunities with ICRA's existing client base.
