National, 3rd August 2015: YTS Solutions Limited, a leading payments solutions company, today announced a strategic integration of its payments and remittance businesses with Bharti Airtel (“Airtel”), the 3rd largest mobile service provider globally. The acquired business will be integrated with the operations of Airtel Money Services Ltd, a 100% subsidiary of Airtel.
Backed by this acquisition, Bharti Airtel will expand its footprint in the payments sector by integrating the YTS business capabilities and unique service delivery model. Further this move will strengthen Airtel’s long term commitment towards driving financial inclusion in Indiafortifying its portfolio in the mobile commerce segment.
YTS, a fast growing Indian startup based out of Mumbai has been developing innovative financial products focused on mass market and micro-transactions. The array of products developed by YTS have been designed to suit the needs of migrants in urban cities & their families in rural towns and villages through an integrated physical and digital channel anchored around mobile payments technology.
Commenting on the proposed integration, YTS Co-founder and CEO Shweta Aprameya said“Our entrepreneurial journey has been very fulfilling working at grass-root levels in India. Within a short span of time, YTS has been able to lay a strong foundation developing a long-term sustainable business in a market crowded with commoditized discounted offerings. We are glad that a large & reputed organization like Airtel respects and has accepted our business approach. The integration will enable us to expand our presence and catapult our plans many times over. We are excited about our future prospects and the roadmap ahead.”
With Airtel’s large customer base, nationwide presence and existing infrastructure, we believe there are synergies which will strengthen the entity’s position in the mobile payments industry, she further added.
As a result of the integration, Manish Khera, Co-founder and MD of YTS Solutions will be appointed as the CEO of Airtel M Commerce Services Limited (AMSL) and will play a pivotal role in steering the growth and expansion of Airtel’s payments & mobile financial services business.
In January 2015, AMSL applied to Reserve Bank of India (RBI) for a Payments’ Bank License.