DMI Finance has acquired a controlling interest in Prepaid Payment Instruments license holder, Appnit Technologies Private Limited.

Amicus - Advocates & Solicitors acted as legal counsel to DMI Finance.

The team was led by Shivi Rastogi, (Partner) with the assistance of Keshav Saboo (Senior Associate), Sonalika Ahuja (Associate) and Akriti Gupta (Associate).

DSK Legal represented Appnit Technologies Private Limited.

The team was led by Rishi Anand (Partner) with the assistance of Nakul Batra (Associate Partner) and Snigdha Prakash (Associate)

Appnit’s customer-facing brand Oxymoney provides services including various wallet services, money transfers, AePS, utility bill payments, and micro ATMs, through its distribution network across India. Post this deal, Oxymoney will be rolling out new wallet based pre-paid products including pre-paid cards and will be expanding its distribution network.

Appnit holds a PPI license from the Reserve Bank of India.

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