In a bold move that marks a significant milestone in its India growth story, Australian fintech firm Findi has selected DAM Capital and Ambit as bankers for the upcoming initial public offering (IPO) of its Indian subsidiary, Transaction Solutions International India (TSI).
The IPO will comprise a combination of fresh issue and offer for sale (OFS), with proceeds earmarked for expanding Findi’s rapidly growing infrastructure footprint across TSI, FindiATM, and FindiBANKIT—three strategic pillars driving its digital and physical financial services delivery in India.
The company is reportedly eyeing a valuation benchmark of USD 500 million (~INR 4,271 crore), with the IPO valuation expected to exceed that, buoyed by robust revenue performance, successful acquisitions, and rising profitability.
Strong Financial Footing Ahead of Findi IPO
Sources familiar with the transaction indicate that TSI is likely to post a topline of INR 700–800 crore for the current fiscal year, with an EBITDA margin of approximately INR 250 crore. Crucially, the company has already reached PAT profitability, making it one of the rare breed of fintechs entering public markets with a profit-positive profile.
The solid financial base is a reflection of Findi’s aggressive expansion strategy in India, a market often seen as the next frontier for global fintech innovation and financial inclusion.
Acquisitions Powering Growth: IndiCash and BANKIT
Findi has recently completed two high-impact acquisitions through TSI:
- The acquisition of IndiCash, the white-label ATM business of Tata Communications Payment Solutions, adds substantial depth to its ATM footprint.
- The USD 19 million (~INR 160 crore) acquisition of Bankit Services, a leading B2B fintech firm, integrates 1,29,000 merchant partners into Findi’s ecosystem, boosting its total reach to over 1,80,000 merchants across 12,000+ pin codes in India.
These moves are not just about asset accumulation—they represent a strategic consolidation play designed to enhance last-mile delivery of financial services, especially in rural and semi-urban India, where traditional banking infrastructure remains limited.
Financial Inclusion: Beyond Metrics, Into Action
The combined strength of FindiATM and FindiBANKIT positions the company to act as a hyperlocal financial enabler, turning merchants into micro-financial hubs—a model that directly addresses India’s persistent challenge of dormant accounts and service inaccessibility.
The World Bank estimates that while 76% of adults globally had a financial account by 2021, many in India—particularly women and rural residents—still struggle with account activation and access to services. Findi’s expansion is aimed squarely at bridging this divide, a strategy resonant with the government’s financial inclusion vision.
IPO in Context: Strategic Timing in a Trillion-Dollar Market
Findi IPO comes at a time when scale is increasingly seen as the differentiator in India’s fintech sector. With dominant players like PhonePe, Paytm, and Google Pay entrenched in the payments space, newer entrants must rely on broad infrastructure, merchant networks, and integrated offerings to gain ground.
The Indian fintech market, projected to reach USD 1 trillion by 2030, has already witnessed significant M&A activity. Findi’s acquisition-led growth mirrors similar strategic consolidations:
- PayU’s USD 70 million (~INR 598 crore) acquisition of Wibmo (2019)
- Ebix’s USD 123 million (~INR 1,051 crore) purchase of Itzcash (2018)
- Capital Float’s acquisition of Walnut to expand its lending base
These parallels reinforce the urgency of scale as a competitive lever—something Findi is acutely aware of.
Outlook: A Fintech Assembled for Public Scrutiny
Findi’s decision to list its Indian unit reflects confidence in its operational maturity, financial performance, and long-term potential. By combining digital capability with physical infrastructure and anchoring itself in merchant-led distribution, Findi is crafting a uniquely hybrid fintech model tailored for India’s diverse financial landscape.
With DAM Capital and Ambit now steering the IPO roadmap, all eyes will be on the draft red herring prospectus (DRHP) filing and potential listing timeline, anticipated to unfold over the coming months.
Should the IPO meet or exceed its valuation expectations, Findi will be among the few foreign fintechs to have successfully cracked the Indian market through organic operations and strategic consolidation—a model others may soon look to emulate.
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