Dubai-based payments processor Network International has inked a partnership agreement with Times Internet to purchase a majority stake in TimesofMoney, for an undisclosed sum.
TimesofMoney is an online remittance and digital payments company based in India, which provides cross-border remittances and domestic payments services.
TimesofMoney was 100% owned by Times Internet, a wholly owned subsidiary of Bennett, Coleman & Co.
On completion of the transaction, the acquirer will be able to launch an online remittance service on the GCC-India corridor, and introduce various value-added remittances and retail-based services.
It will also expand the firm’s product offering and geographic coverage, while offering the firm with a very robust presence in the global money transfer sector and in the payment services arena in India.
The money transfer sector in India is estimated at $64bn annually, value of the GCC-India remittance corridor is at $25bn per year, while the cross border remittance market is nearly $415bn globally, according to Network.
Network International received advice from FT Advisors, AZB & Partners, and Deloitte for the transaction, while Nishith Desai Associates, UBS, and Pricewaterhouse Coopers served Times Internet.