Indian foreign exchange provider and remittance firm Weizmann Forex (WFL) has received approval from its Board of Directors to acquire Weizmann Impex Enterprises (WISE), which owns payments platform JaldiCash.

JaldiCash works on a B2B, assisted business model. It supports domestic money transfer, utility bill payments, Indo-Nepal remittances, online airline/railway ticketing as well as two-wheeler insurance.

Plans are on to eventually upgrade the platform with P2P lending, working capital loan assistance for retailers, and hotel booking capabilities. JaldiCash has more than 18,000 channel partners and a presence in 29 states of India.

The merger deal is anticipated to close on 1 April 2018, subject to regulatory nod. Financial terms of the transaction were not revealed.

WFL managing director B. Karthikeyan said: “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.”

WISE has Reserve Bank of India (RBI) authorisation to issue and operate semi-closed prepaid payment instruments (PPI) in India.