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Bajaj Finance to buy 26% in tech company Pennant
October 17, 2023
Bajaj Finance, a leading financial services company, has announced a significant move into the technology sector. The company revealed its plans to acquire a 26% stake in Pennant Technologies Pvt Ltd, a renowned technology services and software products firm. This strategic decision, outlined in a notice to stock exchanges, involves an investment of Rs 267.50 crore, valuing Pennant Technologies at over Rs 1000 crore.
The investment aims to fortify Bajaj Finance’s technology capabilities, enhancing its technological roadmap for the future. Pennant Technologies, established in 2005, specializes in delivering technology services and software products tailored for the banking and financial services industry.
The deal, slated to be completed by December 30, marks a crucial step for Bajaj Finance in diversifying its portfolio. Pennant Technologies showcased remarkable growth, with its revenue surging from Rs 40.48 crore in fiscal 2021 to Rs 74.28 crore in fiscal 2023. This move underlines Bajaj Finance’s commitment to staying at the forefront of technological advancements, ensuring its continued relevance in the ever-evolving financial landscape.
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