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Supporting earlier speculations, Bennett, Coleman and Co. Ltd (BCCL) has sold the majority stake it held in digital payment services provider TimesofMoney, to Dubai based credit-card processing firm Network International LLC (NI). Though the company has not made an exact disclosure about the money changing hands, a TechCircle report suggest that BCCL chose to exit the company at a premium of Rs. 800 – 1000 Crores (US$ 145 – 180 Million).
TimesofMoney is a flagship product that caters to Indians living outside the country. What started with DirecPay, did not make a splash initially, what with Reserve Bank of India (RBI) raising some fundamental queries & all, but later on, the virtual payment management company has not looked back.
India’s transactions on the World Wide Web are increasing significantly. Add to it the proliferation of smartphones & tablets that make surfing the internet & buying stuff online a breeze. When combined with the rapid growth of online web-portals offering just about everything at a click of a button, it makes sense for companies to have an interest in at least some of the segments pertaining to e-commerce.
Network International is already into credit / debit card payments & hence aware of the processes associated with virtual payments. If it can add backend internet banking services to its offering, it can offer a comprehensive package to any company looking for a sturdy payment processing backbone.
Under BCCL’s patronage, TimesofMoney has grown to become a powerful entity in the online payment processing. This backend services company caters to multiple B2C operations with services like money transfers, ePayments and co-branded cards. Initially the company was started merely as a Joint Venture (JV) between Citi Ventures and BCCL. But today that company has grown organically & market experts peg the company at a valuation of Rs. 700 Crores (US$ 126 Million).
Payment Processing Companies are rapidly changing owners. Is it consolidation phase for this sector too?
Image Courtesy | groophs
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2012-11-21 05:40:22