RNFI Services SME IPO Details, Financials, Valuation & Peers

RNFI Services Limited is a tech-enabled platform offering a wide range of financial technology solutions in the B2B and B2B2C segments across India. The company provides banking, digital, and Government to Citizen (G2C) services through an integrated business model via its online portal and mobile application. RNFI Services Limited operates primarily in four segments: business correspondent services, non-business correspondent services, full-fledged money changer services, and insurance broking. The company leverages its extensive network to deliver financial services to underserved populations, particularly in rural and remote areas, while also providing business opportunities for shopkeepers and network partners.

Key Points:

• Segments and Services:
  1. Business Correspondent Services:
     • Includes Domestic Money Transfer (DMT), Aadhaar Enabled Payment System (AePS), Micro ATM (M-ATM), and Kiosk banking services.
     • Provides doorstep KYC authentication services for prepaid cards and Fastag services.
  2. Non-Business Correspondent Services:
     • Offers utilities and travel-related services such as mobile and DTH recharge, Bharat Bill Payments System (BBPS), PAN card services, IRCTC booking, and flight booking.
     • Provides EMI collection services, delinquent loan collection services, and the sale and subscription of products and services for network partners.
  3. Full-Fledged Money Changer Services:
     • Operated through RNFI Money Private Limited, an RBI-registered entity offering foreign exchange services for private and business travel purposes.
  4. Insurance Broking:
     • Conducted through Reliassure Insurance Brokers Private Limited, providing a range of life and general insurance products.
• Network and Reach:
  • Front-end distribution network comprises over 3.60 lakh network partners as of June 3, 2024.
  • Provides multiple tech-enabled business correspondent and non-business correspondent services through an assisted model.
• Technological Integration:
  • Implements a “phygital” strategy, integrating physical and digital functionalities to ensure efficient service delivery.
  • Subsidiary Paypsrint Private Limited offers a unified open API platform to enhance customer transactions and satisfaction.
• Strategic Partnerships:
  • Entered into arrangements with eleven financial institutions, including national private and public sector banks and payment banks, to provide financial inclusion services as business correspondents.