M2P Fintech acquiring Mad Street Den in a distress sale

05 Mar 2025, 05:11 PM

M2P Fintech is reportedly acquiring Mad Street Den in a distress sale for approximately $10-15 million.

Team Head&Tale

API infrastructure company M2P Fintech is reportedly acquiring Chennai-based AI startup Mad Street Den in a stock and cash deal.

M2P Fintech is acquiring Mad Street Den in a distress sale for approximately $10-15 million, reported Moneycontrol.

"Since Mad Street Den is domiciled overseas this isn't a straight acquisition but an asset purchase. M2P will acquire Mad Street Den's intellectual property, contracts, and employees. Furthermore, the deal value, between $10 million and $15 million, will be used to cover staff costs and other liabilities," the news platform reported.

Founded in 2016 by Ashwini Asokan and Anand Chandrasekaran, Mad Street Den’s core product Vue.ai focuses on the retail segment to provide automation and inventory management solutions. The company has raised over $50 million to date. In 2023, it had raised $30 million in its Series-C round led by Avatar Growth Capital, with participation from existing investors Sequoia Capital and Alpha Wave Global (formerly known as Falcon Edge Capital).

Mad Street Den recently acquired INTURN, a New York-based enterprise solution that helps retailers monetise slow-moving and excess inventory, faster.

M2P was founded in 2014 by Madhusudanan R, Muthukumar A and Prabhu R. The fintech infra company closed a $100 million primary and secondary funding round in September last year.