Digital Payment Provider Findi Secures $37.6 Million from Leading Indian Investment Firm Piramal Alternatives
Findi Limited (ASX: FND), a digital payments and financial services provider, has announced a significant development for its Indian subsidiary, Transaction Solutions International (India) Pvt Ltd (TSI India). The subsidiary has raised $37. 6 million through a placement with Piramal Alternatives, a leading Indian investment group. The placement of Compulsory Convertible Debentures (CCD) will be converted to equity at IPO and will support Findi's expansion in India.
Advancing Investment for Working Capital and Capital Expenditure
The investment from Piramal Alternatives will improve TSI India’s free cash position by more than $45 million, allowing it to focus on working capital and capital expenditure. The funds will further accelerate the growth of Findi's FindiPay digital payments business, as well as support the roll-out of white-label ATMs after approval from the Reserve Bank of India (RBI) while simultaneously scaling its merchant and ATM network.
Expertise and Experience
Piramal Alternatives is backed by Canadian pension fund CDPQ, which has a 75% stake in Piramal Structured Credit Opportunities Fund.
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Piramal will nominate a director to the TSI India Board, while the CCD's reflect a fully diluted equity interest of approximately 16. 7% of the company once converted at IPO.
A Win for Microfinance in India
Findi's continued expansion into India saw an announcement in October 2023, locking in potentially $550-$620 million of revenue from a new ATM contract with the State Bank of India. With this recent investment from Piramal Alternatives, Findi is well-poised to continue implementing world-class solutions for the microfinance and economic democratization agendas of the Indian Government.
Piramal Alternatives has a broad range of interests in various industries such as pharma, financial services, and real estate. The global business conglomerate has a presence in over 30 countries, operates with over 10,000 people worldwide, and supports a significant mix of diverse interests.
Overall, the investment will allow Findi to continue its vision of enabling economic and financial inclusion, build on its current growth trajectory, and strengthen its position as a leading payment provider in India and beyond.
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