Incorporated in 2015, RNFI Services Limited is a leading financial technology firm specialising in B2B and B2B2C solutions through its online portal and mobile application. The company focuses on providing comprehensive banking, digital, and Government-to-Citizen (G2C) services across India.
RNFI’s business operations are categorised into four primary areas: business correspondent services, non-business correspondent services, full-fledged money changer services, and insurance broking. By July 2024, RNFI has partnered with eleven financial institutions, including major private and public sector banks, as well as payment banks, to deliver financial inclusion services.
RNFI has achieved significant operational milestones, processing over 115 lakh monthly transactions as of March 31, 2024. The company’s extensive distribution network spans 28 states and 5 Union territories, covering 17,964 pin codes nationwide, supported by a workforce of 1,405 employees. By June 3, 2024, RNFI’s network included over 360,000 partners across India, offering diverse tech-enabled services.
The company’s transactional business correspondent services include Domestic Money Transfer, Aadhaar Enabled Payment System, Micro ATM, kiosk banking services, and doorstep services for e-KYC. Additionally, RNFI provides non-business correspondent services such as utility and travel-related services, EMI collection, delinquent loan collections, and the sale of products to meet network partners’ needs.
Industry Outlook:
- India's FinTech market is projected to grow from $50 billion in 2021 to $150 billion by 2025, with a Total Addressable Market of $1.3 trillion by 2025.
- The Payments segment in India is expected to achieve a transaction volume of $100 trillion and revenue of $50 billion by 2030.
RNFI Services Limited IPO Objectives
The company plans to allocate the net proceeds from the issuance to the following purposes:
- Funding the working capital requirements of the Company
- Funding Capital expenditure requirements for the Purchase of Micro ATMs/laptops/Server
- Strengthening our technology infrastructure to develop new capabilities
- Achieving inorganic growth through unidentified acquisitions and other strategic initiatives
- General Corporate Purposes
Peer Details
The companies considered by RNFI Services as its peers include:
- Bls E-services Limited
- Mos Utility Limited
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Contact Details of RNFI Services Limited IPO
- Registered office: UG-5, Relipay House, Plot No. 42 DLF Industrial Area Kirti Nagar, West Delhi, New Delhi, Delhi, India, 110015
- Phone: +91-8448985100
- E-mail: cs@rnfiservices.com
IPO Financials
| Particulars | Year ending on March 31, 2024 | Year ending on March 31, 2023 |
|---|---|---|
| Total Revenue (in ₹ lakh) | 94,305.10 | 106,939.62 |
| Profit After Tax (PAT) (in ₹ lakh) | 996.07 | 488.71 |
| Cash & Cash Equivalents (in ₹ lakh) | 6,067.00 | 3,237.11 |
| Net Worth (in ₹ lakh) | 3,159.90 | 2,041.64 |
| Debt to Equity Ratio (x) | 1.02 | 0.90 |
| Return on Net Worth (%) | 40.92% | 31.99% |
| Return on Capital Employed (RoCE) (%) | 29.74% | 24.28% |
| Earning Per Share (EPS)-in absolute ₹ | 5.85 | 3.03 |
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Strengths
7Offers diverse B2B and B2B2C financial solutions.
Centralised enterprise application ensuring efficiency and predictability.
Invested ₹454.91 lakhs in technological advancements in FY 2024.
Prioritises simplicity and efficient service design and implementation.
Expands via network partners' premises, reducing capital investment.
Over 3.60 lakh network partners across 28 states and 5 UTs.
Automated reporting, SAS dashboards, and fraud risk management systems.
Risks
7Revenue dependency on banking partners regulated by RBI policies.
High reliance on 3.60 lakh network partners for service distribution.
Vulnerabilities in information technology systems may disrupt operations.
Dependence on fees and commissions for revenue generation.
Ongoing legal proceedings may impact financial conditions and operations.
Potential security breaches could damage reputation and operations.
Requires specific approvals and licenses for business operations.
