India’s ICICI, Axis and HDFC Bank Take Stakes in Blockchain Startup IBBIC: Report

All three have holdings in excess of 5% in the company, which develops distributed ledger technology products for Indian financial services.

Jul 27, 2021, 2:59 PM

Updated Aug 21, 2021, 6:31 PM

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Three of India’s biggest private lenders – ICICI Bank, HDFC Bank and Axis Bank – have taken stakes in the blockchain financial technology firm IBBIC, according to The Hindu.

HDFC Bank and Axis Bank each acquired 50,000 shares, a stake of about 5.55%, for 500,000 rupees ($6,700), The Hindu said, citing stock-exchange filings.
ICICI Bank has 49,000 shares, or 5.44% of the company. The company paid 490,000 rupees ($6,600).
Launched in May, the IBBIC platform offers distributed ledger technology for the Indian financial services sector.

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Tanzeel Akhtar

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