AGS Transact rallies on appointing Vinayak Goyal as subsidiary's MD

AGS Transact Technologies advanced 2.56% to Rs 88.77 after it announced the appointment of Vinayak R Goyal as the managing director (MD) of its wholly owned digital payment subsidiary, India Transact Services.

Goyal has an experience of over 9 years across areas such as business strategy, investment banking, and fund raising. He has previously worked with Avendus Capital as an Analyst. He holds a degree from Purdue University, USA.

Vinayak R Goyal has been an executive director on the board of AGS Transact Technologies since 2021. He is overseeing the development of a contactless open-loop fuel payment solution within the Ongo app. Furthermore, under his leadership, the company has made significant headway through strategic collaborations in its prepaid business.

Ravi B. Goyal, chairman & MD, AGS Transact Technologies said, Vinayaks appointment reinforces our commitment to strengthening our leadership team and driving sustained growth in the rapidly evolving digital payment landscape. As a representative of the new generation, Vinayak brings a unique viewpoint and innovative approach to our digital payment strategy.

AGS Transact Technologies is one of the largest integrated omni-channel payment solutions providers in India in terms of providing digital and cash-based solutions to banks and corporate clients.

The company reported a net loss of Rs 4.44 crore as compared to Rs 15.36 crore in Q4 FY24 over Q4 FY23. Revenue from operations declined 17.78% to Rs 349.18 crore in Q4 FY24.

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