Bharti Airtel to acquire YTS Solutions

Bharti Airtel is all set to acquire digital financial service provider YTS Solutions and appoint its co-founder and managing director Manish Khera as CEO of Airtel M Commerce Services Limited (AMSL), its flagship semi-closed wallet under the brand name 'Airtel Money'.

"AMSL, the wholly owned subsidiary of Airtel' also announced that it would integrate the payments and remittance businesses of YTS Solutions," Bharti Airtel said in a statement on Monday.

The company, however, did not disclose the size of the acquisition.

In January 2015, AMSL, which had launched Airtel Money in 2011, applied to Reserve Bank of India for a Payments' Bank licence.

Once appointed as CEO, Khera will be a part of the Airtel management board and report to Gopal Vittal, managing director and chief executive officer of Bharti Airtel (India & South Asia).

"A trend-setter in the domain areas of financial inclusion, payments & banking, Manish combines the spirit of entrepreneurship with a passion for technology and commitment to serve millions," Vittal said in the statement.

Airtel has a customer base of over 230 million in India with over 100 million rural customers. The company's network covers 4,30,000 towns and villages backed by 1.5 million distribution outlets.