Network International has entered into an agreement with Times Internet to acquire a majority stake in online remittance & digital payments player TimesofMoney. Until now, TimesofMoney was a 100 per cent subsidiary of Times Internet, which, in turn, is a subsidiary of Bennett, Coleman & Co. Times Internet will continue to remain as a minority shareholder with board representation.
The acquisition enables Network International, an independent payment solution provider in the Middle East & Africa, to open up a much needed online remittance service on the key GCC-India corridor, as well as introduce a number of new value-added remittances and retail based services. The transaction is seen as a major enabler of Network International’s strategy to expand its product offering and geographic coverage and provides the company with a strong foothold in the global money transfer sector and in the payment services space in India.
The importance of this agreement is magnified by the fact that India is one of the highest remittance receiving countries in the world, estimated at $64 billion annually and that the value of the GCC-India remittance corridor is valued at approximately $25 billion annually and growing. Overall, the cross border remittance market is estimated at approximately $415 billion globally.
Bhairav Trivedi, Chief Executive Officer of Network International, said, “Through this transaction, we will now be able to offer a comprehensive range of new remittance services in the Subcontinent, and India in particular, thereby meeting the growing need of our customers who are looking to remit money abroad through an efficient, reliable and innovative platform.”
Avijit Nanda, Chief Executive Officer of TimesofMoney, added here, “Our business has grown exponentially over the last five years, and we expect that with a global player like Network International coming in, this would help take us to the next level.”
TimesofMoney’s flagship brand, Remit2India, is a pioneer in online remittances to India with over 11 years’ expertise in facilitating money transfers from NRIs across the globe. TimesofMoney is also an emerging player in the fledgling online remittance market to countries such as the Philippines, Sri Lanka and Bangladesh under the Remit2Home brand. Its other cross-border service is Window2India, a value added services portal for NRIs, offering gifting, health-care, property services and so on.
FT Advisors, AZB & Partners, and Deloitte acted as advisors to Network International in the transaction. Nishith Desai Associates, UBS, and PriceWaterhouseCoopers acted as advisors to Times Internet.