Revolut India acquires forex services firm Arvog Forex for Rs 34 cr

PTI | New Delhi | Updated: 11-02-2022 19:08 IST | Created: 11-02-2022 19:08 IST
Revolut India acquires forex services firm Arvog Forex for Rs 34 cr
  • Country:
  • India

Fintech company Revolut, backed by SoftBank and Tiger Global, on Friday said it has acquired foreign exchange services company Arvog Forex through its subsidiary as it gears up to start operations in India.

While the company did not disclose the financial details of the transaction, a source, who did not wish to be identified, said Revolut will pay around Rs 34 crore for the acquisition.

''Our significant investment plans, this acquisition and the quality of the team, we are putting together reflect our intention to rapidly roll out these innovative products and services.

''India is a key region in our global expansion plan and this acquisition is testament to the rapid strides we want to make here,'' Revolut India CEO Paroma Chatterjee said in a statement.

Chatterjee added that it is an incredible time to be a fintech company in India and the company plans to make the best of this opportunity.

Valued at USD 33 billion, about Rs 2.48 lakh crore, as per last funding from SoftBank and Tiger Global in July, Revolut has announced its plans to initially invest Rs 340 crore in the India business.

The company entered India in April 2021 after setting up its footprint in Singapore and Australia in 2019 and the US and Japan in 2020.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

Give Feedback