Vidhigya Associates, JSA act on acquisition of Payworld India by RNFI Services

Vidhigya Associates and JSA acted on RNFI Services Limited's acquisition of Payworld Digital Services Private Limited (Payworld India).

Vidhigya Associates, Advocates advised RNFI Services on this acquisition deal. The Firm's role included undertaking the legal due diligence, structuring, drafting and negotiating the transaction documents and assisting in execution and closing of the transaction.

The transaction team consisted of Rahul Pandey (Partner) and Kashmira Bakliwal (Partner).

Vidhigya had previously advised RNFI Services Limited on listing of its securities.

JSA advised and assisted the promoters of the Sugal & Damani group on the sale of Payworld Digital Services and its wholly owned subsidiary Smart Payment Solutions Private Limited to RNFI Services. The Firm assisted with the review, negotiation, finalization and execution of the transaction documents, completion of closing conditions, the closing of the transaction and completion of post-closing actions.

The transaction team consisted of Lead Partner, Upendra Nath Sharma, Partner, Nikhil P Joseph and Associate, Yash Wardhan Tiwari.

The direct tax team consisted of Partner and Head of Practice, Direct Tax Kumarmanglam Vijay, and Associate, Harshita Agrawal.

Partner and Head of Practice, Indirect Tax, Manish Mishra, Principal Associate, Shikha Parmar and Associate, Dhwani Vyas advised on indirect-tax related aspects of the transaction

The acquisition involves RNFI Services acquiring 12,110,000 equity shares, representing 100% of Payworld's total issued and paid-up share capital. Additionally, RNFI plans to provide a loan of ₹12 crore to Payworld in three tranches

This move is set to enhance RNFI's position in the fintech ecosystem by integrating Payworld's extensive network of over 1 million retailers, who process more than 40 million transactions annually, with RNFI's advanced technology-driven platform. The combined strengths aim to create new opportunities for retailers, improve service efficiency, and bridge critical gaps in last-mile financial connectivity.

RNFI Services is a leading player in India's fintech and digital payments ecosystem, offering a technology-driven platform that enables seamless financial transactions and services for underserved and remote communities. With a focus on financial inclusion, RNFI collaborates with retailers, agents, and banking partners to provide services like Aadhaar-enabled payments, mobile recharges, bill payments, and money transfers. Known for its robust backend technology and wide agent network, RNFI plays a vital role in bridging the digital divide by bringing essential financial services to the last mile.

Payworld is a prominent fintech company  promoted by Sugal & Damani Group, known for its extensive retail network and strong presence in the digital financial services space. Through its platform, Payworld offers a suite of services including domestic money transfers, utility bill payments, recharges, insurance, and more—catering primarily to semi-urban and rural consumers.

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