Niyogin Fintech completes acquisition of 51% strategic stake in iServeU

Niyogin's vision is to create a full-stack digital platform for the unserved or underserved and bring best in class products and services on the platform. The company had announced the acquisition of a 51% strategic and controlling stake in iServeU for INR 592 M (US$ 8 M) in a cash plus stock deal in August 2020. The acquisition is now closed.

iServeU leverages the full capability of digital platforms and public payments infrastructure to reach the underbanked with a focus on rural India. The company enables small village merchants to serve local communities and drive financial inclusion through iServeU's digital platform. The financial inclusion market opportunity remains extremely large in India and we are excited to work jointly with iServeU to address this.

"We formally welcome iServeU team to the Niyogin family. This strategic acquisition provides iServeU with both strategic and capital support needed to expand its footprint, product offerings, and grow market share in a rapidly growing market. We have already begun work on realising product synergy benefits across various complementarities especially around credit access." said Tashwinder Singh, CEO, Niyogin Fintech.

Debiprasad Sarangi, Co-Founder and Chief Executive Officer, iServeU Technologies said, "We are excited to begin this journey with team Niyogin to jointly address this vast market opportunity. With the strategic and capital support, we remain focused on execution and bring best in class product access to rural India and transform communities."

Shares of Niyogin Fintech Ltd was last trading in BSE at Rs.63 as compared to the previous close of Rs. 63. The total number of shares traded during the day was 102183 in over 21 trades.

The stock hit an intraday high of Rs. 65.9 and intraday low of 61.75. The net turnover during the day was Rs. 6339957.

Source : Equity Bulls

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