Weizmann Forex Limited (WFL), a foreign exchange and inward remittances platform, has approved the acquisition of its unit Weizmann Impex Enterprises Ltd (WISE). The proposed deal is supposed to take place on April 1st and will be done through a Scheme of Amalgamation, the company said in a press release. WISE is authorized by the Reserve bank of India to issue and operate semi-closed prepaid payment systems in India. The company owns ‘JaldiCash’, a payments platform that claims to have a network of more than 18,000 channel partners across 29 Indian states and more than 520 districts through their B2B model. JaldiCash works on a P2P model lending model, enabling loans for retailers, hotels and other services
Talking on the development, B. Karthikeyan, Managing Director – Weizmann Forex Limited, pointed out the benefit to the company’s distribution strength arising out of this restructuring, “The platform (Weizmann Impex) enables us to offer multiple revenue streams to our existing retailer/agent network thereby increasing distribution stickiness for our core products. Some of the products offered through the platform like air ticketing are synergistic for growing our forex business as well,” he said.
Commenting on the market potential of JaldiCash, he further added, “Since the market potential of the products offered through Jaldicash platform is significant, using the network management strengths of Weizmann Forex will help drive business of these newer products substantially. Financial product offerings on the JaldiCash platform, particularly those related to working capital financing, will further help expand our well-entrenched distribution network.”
Weizmann Forex Limited is one of the players in the foreign exchange and inward remittances sector. The company operates a portfolio focused on foreign exchange, money transfer (both international and domestic) and import-export payment solutions. The company claims to have a network of more than 200 own outlets and over 59,000 customer touchpoints across 707 districts across India. The company enables services like purchase and sale of foreign currency notes, prepaid multi currency international cards and travelers’ cheque.