M&A

M&A

Choice Finserv to acquire retail biz of Paisabuddy, Sureworth

Press Release  

Publicly-listed, Mumbai-based Choice International Ltd, via its NBFC arm Choice Finserv Pvt Ltd, has acquired the retail lending business of two Jaipur-headquartered lenders - Paisabuddy Finance Pvt Ltd and Sureworth Financial Services Pvt Ltd - via a slump sale. The acquisition expands Choice Finserv's presence in the retail loan segments and encompasses the retail loan portfolios, teams, operations, and infrastructure of both companies.Paisabuddy Finance, a lender to MSME (micro, small and medium enterprises) across Rajasthan, Gujarat and Madhya Pradesh (MP), will bring in a portfolio of INR 278.54 crore AUM, while Sureworth Financial Services, which specialises in MSME loans and affordable housing Loans, adds INR 65.38 crore AUM to Choice Finserv, taking the acquirer’s total AUM to INR 801.6 crore, including off-book AUM.The integration will expand Choice Finserv's branch network from 71 to 168 locations across Rajasthan, Gujarat, and Madhya Pradesh, Maharashtra, Uttar Pradesh and Delhi NCR, while growing its workforce from 536 to 1,180 employees.

In May 2022, Paisabuddy Finance had raised funding from Plutus Wealth Management.For FY24, Paisabuddy had reported about INR 46.65 Cr in Operating Income and about INR 1.27 Cr in PAT.