Sirius Digitech, a joint venture entity of Adani Enterprises and Sirius International Holding, has gained a controlling stake in tech firm Parserlabs India Private Limited (PIPL).
What Happened: Sirius Digitech has entered into a securities purchase agreement to acquire a 77.5% stake in Parserlabs India Private Limited. PIPL is the parent company of Coredge.io India Private Limited (CIPL). The acquisition is scheduled for completion by the end of September 2024.
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Coredge, a deep tech startup, is known for its innovative approach to sovereign AI and cloud platforms. It boasts a customer base spanning Japan, Singapore, and India. The products offered by the startup are widely used by cloud providers, government departments, and telecom service providers.
Coredge aims to develop a comprehensive solution stack for sovereign data centres. This stack will encompass everything from bare metal servers to services such as Infrastructure as a Service (IaaS) and Platform as a Service (PaaS) built on open-source technologies. This will enable Sirius Digitech to offer Machine Learning as a Service (MLaaS) as applications are developed on its infrastructure.
The acquisition is set to bolster Sirius Digitech’s portfolio in the data centre and cloud offering space. PIPL’s turnover for the financial year 2023 -24 stood at ₹45.63 crore.
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