 "DMI Finance acquires wallet service provider Oxymoney's parent firm")
DMI Finance has acquired a controlling stake in Prepaid Payment Instruments (PPI) company Appnit Technologies Private Ltd, which owns wallet services provider Oxymoney.
DMI Finance did not reveal the acquisition cost and stake it will hold in Appnit. Oxymoney plans rolling out pre-paid cards and expand its distribution network. Appnit holds a PPI license from the Reserve Bank of India.
Oxymoney provides services including various wallet services, money transfers, AePS, utility bill payments, and micro ATMs, through its distribution network across India.
Shivashish Chatterjee, co-founder and joint managing director at DMI Finance, said: “ It (the acquisition) provides us with a platform through which we can broaden both our customer base and product suite.
A dedicated payments team allows us to continue to deliver innovative credit products in to drive financial inclusion at scale across India, he said.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%