Liquidity Events
Cholamandalam to buy 72% stake in payment solutions provider Payswiff for Rs.450-Cr
Publicly listed, Chennai-based Cholamandalam Investment and Finance Company Ltd is to make a strategic investment of INR 450 crore in Hyderabad-based Payswiff Technologies Pvt Ltd. Post the investment, Cholamandalam will hold 72.12% of the equity capital of Payswiff (on a fully diluted basis). Cholamandalam will acquire 25,26,718 shares at a price of INR 1,622.66 per share. The investment is aimed at providing a platform to build newage SME offering at scale, access to the SME network across the country. Payswiff is an omnichannel payment transaction solution provider that lets business owners accept payments from their customers in-store, at-home deliveries, online and on-the-go using mPOS and POS solutions. The company reported a consolidated turnover of INR 251 crore in FY21, up from INR 66 crore in FY20 and INR 79 crore in FY19.
From the Venture Intelligence Angel Investments Database: In Sep-15, Paynear (promoted by Payswiff) had raised over Rs.15 Cr in angel funding.
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