Bharti Airtel acquires mobile payment startup YTS Solutions
Indian telecommunications company Bharti Airtel has acquired mobile payment startup YTS Solutions for an undisclosed sum.
As part of the deal, the YTS Solutions business will be integrated with the operations of Airtel Money Services, a 100% subsidiary of Airtel, the companies said in a press release.
Mumbai-based YTS has been developing financial products focused on mass market and micro-transactions.
Additionally, Manish Khera, co-founder & MD of YTS will become CEO of Airtel M Commerce Services (AMSL), which offers Airtel’s semi-closed wallet under the brand name Airtel Money.
In his new role, Khera will be responsible for steering the growth and expansion of Airtel’s payments & mobile financial services business. He will be a part of the Airtel Management Board and report to Gopal Vittal, MD and CEO of Bharti Airtel.
This acquisition is expected to boost Airtel’s portfolio in the mobile payments segment and introduce new product capabilities targeted at migrants in urban cities and their families in rural towns and villages.
YTS co-founder and CEO Shweta Aprameya said: “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.”
In January 2015, AMSL has applied to Reserve Bank of India for a payment bank licence.