Bharti Airtel has acquired financial solutions firm YTS Solutions for an undisclosed amount and announced appointment of the latter’s co-founder Manish Khera as CEO of its mobile wallet service Airtel M Commerce Services.
“Manish Khera, Co-founder & MD of YTS Solutions will be appointed as CEO of Airtel M Commerce Services Limited (AMSL), which offers Airtel’s flagship semi-closed wallet under the brand name ‘Airtel Money’,” Airtel said in a statement.
Both Airtel and YTS Solutions in separate statements said that business of YTS Solutions will be integrated with AMSL.
“The acquired business will be integrated with the operations of Airtel Money Services Ltd,” YTS Solutions said.
Based out of Mumbai, YTS has been developing financial products focused on mass market and micro-transactions.
“This acquisition will expand Airtel’s portfolio in the mobile commerce segment and bring in a host of new product capabilities targeted at migrants in urban cities and their families in rural towns and villages,” Airtel said in a statement.
Khera succeeds Govind Rajan who resigned from the firm to join e-commerce company Snapdeal as its Chief Strategy Officer.
After appointment, Khera will be a part of the Airtel Management Board and report to Bharti Airtel, India and South Asia, MD and CEO Gopal Vittal.
Prior to founding YTS, Khera was MD and CEO of FINO Pay Tech Ltd, and earlier worked in ICICI Bank.
“I am delighted to announce that Manish Khera will join AMSL as Chief Executive Officer. A trend-setter in the domain areas of financial inclusion, payments and banking, Manish combines the spirit of entrepreneurship with a passion for technology and commitment to serve millions,” Vittal said.
In 2011, AMSL announced the launch of Airtel Money and in January 2015, it applied for a Payments’ Bank Licence.
Airtel, India’s largest mobile operator with a customer base of over 230 million, covers 4,30,000 towns and villages backed by 1.5 million distribution outlets.