Niyogin’s vision is to create a full-stack digital platform for unserved or underserved and bring best
in class products and services on the platform. Niyogin has been scaling its unique platform
through a network of financial professionals and with products such as wealth, credit, and other
SaaS-based products that help digitize small businesses. We take another big step forward in this
journey and are excited to announce acquisition of 51% strategic and controlling stake in iServeU
for INR 592 M (US$ 8 M) in a cash plus stock deal.
Read More: Millennium Bank Chooses HC3 for Upgraded Statement and Notice Design
iServeU leverages the full capability of digital platforms and public payments infrastructure to reach
the underbanked with focus on rural India. The company enables small village merchants to serve
local communities and drive financial inclusion through iServeU’s digital platform. iServeU has
seen rapid adoption of its platform and has been processing transactions worth ~US$500m
annually on their platform. The transactions and platform adoption have accelerated through the
lockdown caused by the COVID-19 pandemic, as rural local communities rapidly moved towards
digital adoption.
The acquisition provides Niyogin with deep market access to un/under banked India. Apart from
market access for the firms, there are multiple product complementarities such as credit, digital
wealth, and payments among others which the two companies can jointly access to create a strong
full-stack fintech value proposition for our customers.
“We welcome iServeU and the team to the Niyogin family. They bring with them a unique platform,
reach, and experience that will be of immense benefit to Niyogin. We continue to make strategic
investments in effectively using technology to bring digital enablement to unserved. Niyogin’s
capabilities combined with iServeU’s digital platform strengths will maximize impact to the
underserved and unserved customers and allow us to expand product stack and addressable
market.” said Amit Rajpal, Chairman and Co-Founder, Niyogin Fintech.
Welcoming the acquisition, Debiprasad Sarangi, Co-Founder and Chief Executive Officer,
iServeU Technologies said, “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. The capital infusion will be used to scale and accelerate growth with
expanding footprint deeper into rural India and new product innovation.”
The acquisition is subject to necessary approvals and customary closing conditions. Equirus
Capital acted as the exclusive financial advisor to iServeU for this transaction.
