Weizmann Forex to Acquire Integrated Payments and Solutions Platform JaldiCash

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Weizmann Forex to Acquire Integrated Payments and Solutions Platform JaldiCash
Weizmann Forex to Acquire Integrated Payments and Solutions Platform JaldiCash

Weizmann Forex to Acquire Integrated Payments and Solutions Platform JaldiCash

The Board of Directors of Weizmann Forex Limited (WFL), a leading player in the foreign exchange and inward remittances space, today approved the acquisition of Weizmann Impex Enterprises Ltd (WISE). The transaction is proposed to be completed via a Scheme of Amalgamation and is subject to relevant regulatory approvals. {The proposed merger appointed date is April 1, 2018}.

WISE, which has been authorized by the Reserve Bank of India to issue and operate semi-closed prepaid payment instruments in India, owns “JaldiCash”, an integrated payments and solutions platform. JaldiCash has an exclusive nationwide network of 18,000+ channel partners, which reaches customers across 29 Indian states and 520 districts through a B2B, assisted business model. The platform assists business partners to distribute multiple services that currently include domestic money transfer, utility bill payments, Indo-Nepal remittances, online airline/railway ticketing and two-wheeler insurance. JaldiCash plans to continuously expand its portfolio and launch P2P lending, working capital loan assistance for retailers, hotel bookings and some other services. There are significant cross-synergies with WFL’s leading presence in the remittances business in India, which can be leveraged to expand the value proposition on a common platform.

Commenting on the development, Mr. B. Karthikeyan, Managing Director – Weizmann Forex Limited said: “We are excited to announce this acquisition which provides substantial synergies with our existing international remittances operations. The platform enables us to offer multiple revenue streams to our existing retailer/agent network thereby increasing distribution stickiness for our core products. Some of the products offered through the platform like air ticketing are synergistic for growing our forex business as well. Since the market potential of the products offered through Jaldicash platform is significant, using the network management strengths of Weizmann Forex will help drive business of these newer products substantially. Financial product offerings on the JaldiCash platform, particularly those related to working capital financing, will further help expand our well-entrenched distribution network.”

About Weizmann Forex Limited (WFL)

Weizmann Forex Limited (WFL) (NSE: WEIZFOREX; BSE: 533452) is a leading player in the foreign exchange and Inward remittances space. The company operates a diversified portfolio focused on Foreign Exchange, International & Domestic Money Transfer, and Import and Export Payment Solutions. A RBI Authorized Category II Dealer and Full Fledged Money Changer, WFL has a network of 200+ own outlets and 59,000+ customer touch points spread across most of 707 districts in India along with leading global agent partnerships for its inward remittances business.

The company’s large scale and established logistics network to reach out to nook and corner of the country along with track record of compliance and security is backed by strong market intelligence that facilitates enhanced risk management and provides greater operational control.

Weizmann Group has established a strong brand over 30 years of operations with over 28 million satisfied customers. The company offers multiple currencies and an extensive range of services and products for retail/corporate/wholesale customers including purchase & sale of Foreign Currency Notes, Prepaid Multi-currency International Cards and Travellers’ Cheques. The company also provides inbound/outbound remittance services focused on a range of verticals and significant usage segments. WFL is the largest principal agent network for its inbound remittance business in terms of point of sale network. WFL has leveraged its strong network to enhance value proposition by adding more products like travel insurance, trade remittances, tour and travel related services, domestic money transfer etc. and digitally enabling usage expansion through a Tech Enabled Multi-Service Business Solution and Payments platform.

Disclaimer:

This presentation is not, and nothing in it should be construed as, an offer, invitation or recommendation in respect of the Company’s credit facilities or any of the Company’s securities, or an offer, invitation or recommendation to sell, or a solicitation of an offer to buy, the facilities or any of the Company’s securities in any jurisdiction. Neither this presentation nor anything in it shall form the basis of any contract or commitment. This presentation is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any investor. All investors should consider such factors in consultation with a professional advisor of their choosing when deciding if an investment is appropriate.

The Company has prepared this presentation based on information available to it, including information derived from public sources that have not been independently verified. No representation or warranty, express or implied, is provided in relation to the fairness, accuracy, correctness, completeness or reliability of the information, opinions or conclusions expressed herein. These projections should not be considered a comprehensive representation of the Company’s cash generation performance.

The financial information included in this presentation is preliminary, unaudited and subject to revision upon completion of the Company’s closing and audit processes. This financial information has not been adjusted to reflect the outcome of any reorganization of the company’s capital structure, the resolution or impairment of any pre‐petition obligations, and does not reflect fresh start accounting which the company may be required to adopt.

All forward–looking statements attributable to the Company or persons acting on its behalf apply only as of the date of this document, and are expressly qualified in their entirety by the cautionary statements included elsewhere in this document. The financial projections are preliminary and subject to change; the Company undertakes no obligation to update or revise these forward–looking statements to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. Inevitably, some assumptions will not materialize, and unanticipated events and circumstances may affect the ultimate financial results. Projections are inherently subject to substantial and numerous uncertainties and to a wide variety of significant business, economic and competitive risks, and the assumptions underlying the projections may be inaccurate in any material respect. Therefore, the actual results achieved may vary significantly from the forecasts, and the variations may be material. 

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