Cholamandalam Investment and Finance Company acquired majority stake of 72.12% in Hyderabad-based online payment gateway startup Payswiff Technologies (Payswiff) for INR 450 Cr
Cholamandala will be spending INR 4,10,00,04,230 purchasing 25,26,718 shares at a price of INR 1,622.66 per share from founders and existing investors, and INR 40,00,00,293.9 subscribing 2,46,509 shares at a cost of INR 1,622.66 per share. It will spend a total of INR 4,50,00,04,524 on the transaction.
The payment services provider had a turnover of INR 21,058.34 Lakh in 2020-21, which is a 218.34% increase over the same figure in 2019-20 when it had a turnover of INR 6,615 Lakh.
Founded in 2013 by Prabhu Ram, Priti Shah, Anil Bharadwaj, Ravi Kiran, Krishna Kishore and Maulik Shahof, Payswiff (earlier know as Paynear) offers omnichannel payment transaction solutions for businesses that help them accept payments from customers in-store, at home, while delivering using an mPOS (mobile point of sale), online and other POS solutions.