Active Stocks
Tue Mar 19 2024 15:58:41
  1. Tata Consultancy Services share price
  2. 3,977.55 -4.03%
  1. Tata Steel share price
  2. 148.65 -0.64%
  1. Bharti Airtel share price
  2. 1,227.85 0.23%
  1. Power Grid Corporation Of India share price
  2. 258.95 -2.28%
  1. ITC share price
  2. 409.50 -1.89%
Business News/ Companies / News/  Niyogin acquires 51% stake in iServU for INR 592 million
BackBack

Niyogin acquires 51% stake in iServU for INR 592 million

Bengaluru based iServeU has developed a scalable and inclusive payments infrastructure which enables small village merchants to serve local communities
  • Founded by Amit Rajpal and Gaurav Patankar, Niyogin offers an end-to-end digital platform that provides financial assistance to small businesses
  • A trader wearing protective hand gloves counts Indian currency notes (Reuters)Premium
    A trader wearing protective hand gloves counts Indian currency notes (Reuters)

    Niyogin, a fintech startup, has acquired 51% strategic stake in iServeU Technologies for INR 592 Mn (US$ 8 Mn) in a cash and stock deal.

    Bengaluru based iServeU has developed a scalable and inclusive payments infrastructure which enables small village merchants to serve local communities. The platform has been processing transactions worth US$500m annually. After the covid-19 outbreak and the nation wide lockdown, a large demographic of rural India have started using digital platforms for payments and other financial purposes. This has resulted in an increase in activity on iServU's platform as well.

    “We see Niyogin as a long-term strategic partner and are excited about what Niyogin and iServeU can deliver jointly to rural customers and micro-businesses, transform communities, leverage technology to empower people and accelerate much needed financial inclusion in India," Debiprasad Sarangi, Co-Founder and CEO, iServeU Technologies said in a statement.

    Sarangi points out, the capital infusion will be used to scale and accelerate growth with expanding foot-print deeper into rural India and new product innovation.

    Founded by Amit Rajpal and Gaurav Patankar, Mumbai based Niyogin offers an end-to-end digital platform that provides financial assistance to small businesses. The company is working on another platform for B2B+C customers in India.

    Equirus Capital, an investment banking firm, acted as the exclusive financial advisor to iServeU for the deal.

    Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

    ABOUT THE AUTHOR
    Abhijit Ahaskar
    Abhijit writes on tech policy, gaming, security, AI, robotics, electronics and startups. He has been in the media industry for over 12 years.
    Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
    More Less
    Published: 31 Aug 2020, 07:27 PM IST
    Next Story footLogo
    Recommended For You
    Switch to the Mint app for fast and personalized news - Get App

    Chat with MintGenie