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March 30, 2015updated 04 Apr 2017 4:03pm

Oxigen eyes major expansion in India

Oxigen, an Indian-based payment solutions provider, is planning a major expansion in the country, including strengthening its payment network and recruiting about 1,500 staff.

By Verdict Staff

Oxigen, an Indian-based payment solutions provider, is planning a major expansion in the country, including strengthening its payment network and recruiting about 1,500 staff.

The company is engaged in talks with investors to raise up to $200m to fund its expansion drive which also comprises launching a payments bank, with an aim to tap the fast growing remittances market.

An application for the payments bank license was submitted to the Reserve Bank of India in partnership with RBL Bank last month.

Oxigen chairman and managing director Pramod Saxena told PTI: "We are gearing up to expand our support system and the infrastructure for services aggregation, distribution as well as payment processing and collections in semi urban and rural areas, particularly the East and Central India.

"We are in advanced stage of talks with investors. The amount is in the range of $150-200 million out of which we will announce raising a significant amount in the next 2-3 months."

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