Bharti Airtel acquires payments solutions company YTS Solutions
03 August 2015
Bharti Airtel has acquired payments solutions company YTS Solutions Ltd, which will be merged with its subsidiary Airtel Money Services Ltd. The financial terms of the acquisition were not disclosed.
Backed by this acquisition, Bharti Airtel will expand its footprint in the payments sector by integrating the YTS business capabilities and unique service delivery model. Further this move will strengthen Airtel's long term commitment towards driving financial inclusion in India fortifying its portfolio in the mobile commerce segment.
"Our entrepreneurial journey has been very fulfilling working at grass-root levels in India. Within a short span of time, YTS has been able to lay a strong foundation developing a long-term sustainable business in a market crowded with commoditised discounted offerings. The integration will enable us to expand our presence and catapult our plans many times over. We are excited about our future prospects and the roadmap ahead," said YTS co-founder and CEO Shweta Aprameya.
YTS is a Mumbai-based start up that develops financial products focused on mass market and micro-transactions.
''With Airtel's large customer base, nationwide presence and existing infrastructure, we believe there are synergies which will strengthen the entity's position in the mobile payments industry,'' she added.
As a result of the integration, Manish Khera, Co-founder and MD of YTS Solutions will be appointed as the CEO of Airtel M Commerce Services Limited (AMSL).
Manish will be a part of the Airtel's management band. He will report to Bharti Airtel (India & South Asia) Managing Director and Chief Executive Officer Gopal Vittal.
In January 2015, AMSL applied to Reserve Bank of India (RBI) for a Payments' Bank License.