FINDI to launch IPO for Indian unit TSI to fuel FinTech growth

By Vriti Gothi

FINDI Ltd has announced the Initial Public Offering (IPO) process for its majority-owned Indian subsidiary, Transaction Solutions International (India) Pvt Ltd (TSI).

As part of this development, the company has appointed DAM Capital Advisors Ltd as the Left Lead Book Running Lead Manager and Ambit Pvt Ltd as co-BRLM. Rothschild & Co, a financial advisory firm, has also been brought on as exclusive financial advisor to the transaction, reinforcing the IPO’s significance within FINDI’s long-term vision.

IPO plays a key role in FINDI’s journey to scale its presence in India’s rapidly evolving FinTech landscape, leveraging an integrated platform that combines cash infrastructure with next-generation digital financial services. The proposed listing is expected to feature both a fresh equity issue and an offer-for-sale component, with proceeds earmarked for expanding FINDI’s nationwide financial infrastructure, investing in digital banking innovation, and advancing its mission of financial inclusion across India’s underbanked and underserved regions.

Over the past year, FINDI has executed a series of acquisitions to consolidate its market position in India. The acquisition of Indicash, Tata Communications’ White Label ATM business, now rebranded as FindiATM, and BANKIT, a merchant-led payment solutions provider, operating as FindiBANKIT, has extended FINDI’s reach. Together with TSI’s existing partnerships with 12 of India’s banks for brown label ATM operations, the group now manages a robust network of over 200,000 cash and digital transaction points across the country.

Deepak Verma, Managing Director and CEO of FINDI Ltd, said, “India represents one of the most exciting and progressive fintech markets in the world. Through TSI, FindiATM, and FindiBANKIT, we have built a scalable and inclusive infrastructure that empowers real financial access for all. This IPO is more than a capital event it is a strategic enabler that will accelerate our mission to deliver modern, technology-led banking services to the last mile.”

“The combination of DAM Capital and Ambit as BRLMs, together with Rothschild’s global advisory expertise, positions FINDI to execute a high-impact, value-driven listing that aligns with both investor expectations and national priorities around digital transformation and inclusive finance.”

FINDI Ltd is expected to file the Draft Red Herring Prospectus (DRHP) in the coming quarters. The listing will not only reflect FINDI’s operational maturity and market readiness in India but will also serve as a platform for the company’s next phase of growth driven by customer-centric technology, regulatory trust, and long-term stakeholder value creation.