Who is the founder of the IRCTC
The Wirecard AG today announced the acquisition of the payment business of Great Indian (GI) Retail Group. Founded in 2 006, GI Retail Group is one of the leading corporate groups in India and Southeast Asia in the field of electronic payment and retail-based e-commerce solutions.
Wirecard takes over 100 percent of the shares in the affiliated companies from GI Retail and financial investors, the payment services in India, the Philippines, Indonesia and Malaysia under the brands "iCASHCARD", "Smartshop", "StarGlob al" and "Commerce Payment" as well as other segments - Offering brands. In addition, Wireca will become a roughly 60 percent shareholder in GI Technology Private Limited (GIT), a licensed publisher of prepaid payment instruments (PPI) in India. With this transaction, Wirecard is taking over a team of more than 900 employees at locations in Delhi, Chennai, Hyderabad, Bangalore, Mumbai, Calcutta, Lucknow, Manila, Batam and Kuala Lumpur.
Dr. Markus Braun, CEO of Wirecard AG says: “The Great Indian (GI) Retail Group has been one of India's pioneers in the young and dynamically developing e-commerce and money remittance business for years. Our investment in one of the leading providers of payment services in the region ensures us a strong position in one of the world's fastest growing markets for electronic payments. "
The payments to be made to GI Retail and financial investors as part of the transaction amount to cash payments of EUR 230 million. Financing is done with cash and committed credit lines. Further payments totaling up to EUR 110 million are linked to the achievement of certain financial results in the calendar years 2015 to 2017. Parts of the agreement are subject to separate closing conditions.
By combining innovative technical solutions and a network of retail partners in several countries, the GI Retail Group has created a unique and efficient multi-channel platform that enables a wide range of retail and financial services in both urban and rural regions glicht.
With this takeover, Wirecard has secured a stake in one of the fastest growing licensed publishers of prepaid payment instruments in India as well as a Full Fledged Money Changers (FFMC) license to process multi-currency and remittance transactions.
The electronic semi-closed-loop wallet "iCASHCAR D", published by GI Technology, is India's leading solution for national remittance e-payments using the Immediate Payment Service (IMPS). iCASHCARD is one of the most popular semi-closed-loop payment instruments at IRCTC, the website of the Indian railways - at the same time one of the largest e-commerce websites in the Asia-Pacific region. iCASHCARD can be topped up with cash, mobile phones or the Internet and is used by more than 200,000 people every day. iCASHCARD is accepted at more than 10,000 e-commerce retailers in India including eBay, Ai rAsia, Bookmyshow and IRCTC.
In addition to its core market in India, GI Reta il successfully expanded in several markets in Southeast Asia. A network of more than 100,000 retail partners not only allows you to top up your iCASHCARD, but also enables cash payments for online purchases, the processing of simple banking transactions, the payment of bills and national and international money transfers.
According to the current course of the financial year, the consolidated sales of the acquired payment business are expected to exceed EUR 45 million in the 2015 calendar year, which corresponds to an increase of 50 percent compared to the same period of the previous year. Operating earnings before interest and taxes (EBITDA) are expected to double to over EUR 7 million in the same period. For the 2016 calendar year, sales of over EUR 75 million are expected. Including the integration costs, EBITDA of EUR 15 million to EUR 18 million is expected.
India already ranks third in the global internet user base. It is estimated that around 673 million people in India will be online by 2020. An average annual growth rate (CAGR) of 35 percent is expected for the Indian e-commerce market. The online trading volume is expected to grow from currently USD 17 billion to around 100 billion by 2020. 1 According to Frost & Sullivan, the transaction volume in Southeast Asia is expected to increase from USD 7 billion in 2013 to over USD 34.5 billion by 2018. The rapidly growing Indonesian e-commerce market is a key driver here.
With over USD 70 billion in payments in 20 14, India is the world's leading recipient of home remittances from migrants, according to the World Bank. The market volume for national payments by migrants within India was estimated at USD 20 billion in 2014. This market is currently benefiting in particular from the introduction of low-cost alternatives to traditional informational forms of money transfer.
The Wirecard AG iis one of the world's leading independent providers of outsourcing and white label solutions for electronic payment transactions. Wi recard supports companies in accepting electronic payments from all sales channels. A global multi-channel platform offers a choice of international payment acceptances and procedures with complementary fraud prevention solutions. The Wirecard Group provides companies with the complete infrastructure for issuing their own payment instruments in the form of cards or mobile payment solutions, including the necessary licenses for card and account products. Wirecard AG is listed on the Frankfurt Stock Exchange (TecDAX, ISIN DE0007472060, WDI).
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