Odisha Based Startup Acquired By BSE Listed Fintech Company With a 51% Stake

Odisha Based Startup Acquired By BSE Listed Fintech Company With a 51% Stake

Niyogin, a BSE listed Fintech company, acquired a 51% regulating and controlling stake in iServeU for 592 million in a cash plus stock deal.

iServeU is an Odisha based startup backed by ‘Startup Odisha,’ which is the first Startup Odisha recognized platform to achieve $100Cr in valuation and has raised $8 Million in funding.

iServeU, a financial solution provider that enables remote village merchants to serve local communities and drive their additional economic value through iServeU’s digital platform.

With this procurement, Niyogin aims to create a full-stack digital platform for the under-served and bring the best in products and services to the forum.

The startup was already processing transactions of nearly $500 million annually. Due to the lockdown, most rural local communities moved towards digital adoption, which furthered iServeU’s reach.

This acquisition would enable Niyogin to get deep market access to the underbanked parts of India.

“We see Niyogin a long-term strategic partner and are excited about what Niyogin and iServeU can deliver jointly to rural customers and micro-businesses, by transforming communities, leverage technology to empower people and accelerate financial inclusion in India.

The capital infusion is acquired to scale and accelerate growth with expanding footprint deeper into rural India and new product innovation”, stated Debiprasad Sarangi, Co-Founder and CEO of iServeU Technologies.

Amit Rajpal, Chairman of Niyogin Fintech, stated, “We welcome iServeU and 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 maximise impact to the underserved and unserved customers and allow us to expand product stack and addressable market”.

The acquisition is yet to go through the necessary approvals and customary closing conditions.

Image courtsey- Google