The Reserve Financial institution of India has accredited the total sale of Tata Communications Cost Options, a wholly-owned subsidiary of Tata Communications that operates brown label ATMs, to Findi, an Australian-based ATM operator, for ₹405 crore (US$48.3 million).
Findi introduced in an announcement on February 3 that the acquisition shall be carried out by means of its majority-owned Indian subsidiary, Transaction Options Worldwide India.
Following the deal, Findi’s brown label ATM community in India will develop from 7,500 to over 12,000 items.
Tata Communications was the primary to launch brown label ATMs in India underneath the Indicash model. Findi, which is listed on the Australian Inventory Change, operates its ATMs underneath the FindiPay model.
The Reserve Financial institution’s approval got here after Findi elevated its supply by ₹75 crore (US$9 million), from ₹330 crore (US$39.5 million) to ₹405 crore (US$48.3 million), in comparison with the preliminary supply in November 2024.
Deepak Verma, CEO of Findi, stated,
“This acquisition expands our ATM community to over 12,000 and strengthens our place within the monetary companies sector. It additionally enhances our service provider community and digital cost capabilities, accelerating monetary inclusion for the underbanked.”
Findi, by means of its home arm, has operated 7,500 ATMs in partnership with 12 banks, together with SBI, PNB, and HDFC Financial institution, over the previous eight years.
With the acquisition, Findi will combine over 4,600 operational Indicash ATMs and achieve entry to an extra 3,000 ATMs for deployment, making it one of many largest ATM operators in Asia, with a complete community of over 12,000 ATMs throughout each brown and white label classes.
This marks Findi’s second main acquisition this 12 months.
Earlier this month, Findi acquired Bankit, a digital funds service supplier with over 129,000 service provider touchpoints, bringing its whole service provider base to 180,000.
Featured picture credit score: edited from freepik
