Bharti Airtel said it has acquired mobile payments solutions company – YTS Solutions – to integrate its payments and remittance businesses with Airtel.
The acquired business will be integrated with the operations of Airtel Money Services Ltd, a 100 per cent subsidiary of Airtel, the companies said in a statement without disclosing the deal size.
Backed by this acquisition, Airtel will expand its footprint in the payments sector by integrating the YTS business capabilities and unique service delivery model.
With this, Manish Khera, co-founder and Managing Director of YTS Solutions, will be appointed as CEO of Airtel M Commerce Services Ltd (AMSL), which offers Airtel’s flagship semi-closed wallet under the brand name ‘Airtel Money’.
Once appointed, Khera will be a part of the Airtel Management Board and report to Gopal Vittal, Managing Director and CEO of Bharti Airtel (India & South Asia).
In January, AMSL applied to the Reserve Bank of India for a payments’ bank licence.
“A trendsetter in the domain areas of financial inclusion, payments and banking, Manish combines the spirit of entrepreneurship with a passion for technology and commitment to serve millions… His rich domain expertise will add value to our plans and help lead our mobile commerce and payments business to reach millions of underserved Indians,” Vittal said.