Companies

Niyogin Fintech to acquire 51% stake in iServeU

Our Bureau Mumbai | Updated on August 31, 2020 Published on August 31, 2020

Niyogin Fintech on Monday announced acquisition of 51 per cent strategic and controlling stake in iServeU for ₹59.2 crore in a cash plus stock deal.

“The acquisition provides Niyogin with deep market access to under-banked India. Apart from market access for the firms, there are multiple product complementarities such as credit, digital wealth, and payments among others which the two companies can jointly access to create a strong full-stack fintech value proposition for our customers,” it said in a statement.

The acquisition is subject to necessary approvals and customary closing conditions, it further said, adding that Equirus Capital acted as the financial advisor to iServeU for this transaction.

Niyogin has been scaling its unique platform through a network of financial professionals and with products such as wealth, credit, and other SaaS-based products that help digitise small businesses.

iServeU leverages the full capability of digital platforms and public payments infrastructure to reach the underbanked with focus on rural India.

“We continue to make strategic investments in effectively using technology to bring digital enablement to unserved. Niyogin’s capabilities combined with iServeU’s digital platform strengths will maximize impact to the underserved and unserved customers and allow us to expand product stack and addressable market,” said Amit Rajpal, Chairman and Co-Founder, Niyogin Fintech.

Debiprasad Sarangi, Co-Founder and Chief Executive Officer, iServeU Technologies, said the capital infusion will be used to accelerate growth with expanding footprint deeper into rural India and new product innovation.

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Published on August 31, 2020
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