DMI Finance has acquired a controlling stake in Prepaid Payment Instruments (PPI) company Appnit Technologies Private Ltd, which owns wallet services provider Oxymoney.
DMI Finance did not reveal the acquisition cost and stake it will hold in Appnit. Oxymoney plans rolling out pre-paid cards and expand its distribution network. Appnit holds a PPI license from the Reserve Bank of India.
Oxymoney provides services including various wallet services, money transfers, AePS, utility bill payments, and micro ATMs, through its distribution network across India.
Shivashish Chatterjee, co-founder and joint managing director at DMI Finance, said: “ It (the acquisition) provides us with a platform through which we can broaden both our customer base and product suite.
A dedicated payments team allows us to continue to deliver innovative credit products in to drive financial inclusion at scale across India, he said.