India's largest cellular services provider Bharti Airtel Ltd is planning to acquire digital financial service provider YTS Solutions and has named Manish Khera, co-founder of the Mumbai-based company, as chief executive officer of its wholly owned subsidiary Airtel M Commerce Services Ltd (AMSL), which runs mobile money services under the brand name Airtel Money, according to a press release.
The financial details of the acquisition are not disclosed, but the company said AMSL would integrate the payments and remittance businesses of YTS Solutions.
Founded in December 2013, YTS Solutions provides solutions related to financial inclusion, micro banking and branchless banking. Recently, it introduced MoSa Pay, a mobile based online salary disbursement solution.
The acquisition is expected to help Airtel expand its portfolio in the mobile commerce segment and bring in a host of new product capabilities targeted at migrants in urban cities and their families in rural towns and villages, the statement said.
AMSL, which had launched Airtel Money in 2011, was the first mobile-based pre-paid payment instrument service in the country. Earlier this year, it applied to Reserve Bank of India for a Payments' Bank licence.
Meanwhile, as head of AMSL, Khera will be a part of the Airtel Management Board and report to Gopal Vittal, MD and CEO of Bharti Airtel (India & South Asia).
“A trend-setter in the domain areas of financial inclusion, payments & banking, Manish combines the spirit of entrepreneurship with a passion for technology and commitment to serve millions. I am confident that his rich domain expertise will add immense value to our plans and help lead our mobile commerce and payments business to reach millions of underserved Indians,” Vittal said.
