Mumbai: The Reserve Bank has approved the full sale of Tata Communications Payment Solutions, a wholly-owned subsidiary of Tata Communications that operates brown label ATMs, to Findi, an Australia-based brown label ATM operator, for ₹405 crore.
In a Monday statement, Findi said the acquisition will be carried out through its majority-owned Indian subsidiary Transaction Solutions International India and post-deal the number of its brown label ATM network in the country will jump to over 12,000 from 7,500 now.
The Tatas were the first to launch brown label ATMs in the country under the label of Indicash. Findi, which is traded on the Australian stock exchange, operates its ATMs under the brand name of FindiPay.
The RBI approval came after the Findi increased the offer by Rs 75 crore from the initial offer of Rs 330 crore initially offered in November 2024, the statement added.
“This acquisition expands our ATM network to over 12,000 and strengthens our position in financial services sector here. The deal also enhances our merchant network and digital payments capabilities, accelerating financial inclusion for the underbanked,” said Deepak Verma, chief executive officer, Findi.
Findi, through its domestic arm has been operating 7,500 ATMs, partnering with 12 leading public and private sector banks, including SBI, PNB, and HDFC Bank, over the past eight years. With this acquisition, Findi will integrate over 4,600 operational Indicash ATMs and gain access to an additional 3,000 ATMs for deployment, making it one of the largest ATM operators in Asia with a total network of over 12,000 ATMs across brown and white label categories.
This acquisition marks the second major deal for Findi this year. Earlier this month, Findi acquired Bankit, a digital payments service provider with over 129,000 merchant touchpoints, bringing its total merchant base to 180,000.