The company also announced appointment of its Co-Founder and Managing Director Manish Khera as CEO of Airtel M Commerce Services Limited (AMSL), its flagship semi-closed wallet under the brand name ‘Airtel Money’.
“AMSL, the wholly owned subsidiary of Airtel, would integrate the payments and remittance businesses of YTS Solutions,” Bharti Airtel said in a statement.
“This acquisition will expand Airtel’s portfolio in the mobile commerce segment. It will bring in a host of new product capabilities targeted at migrants in urban cities and their families in rural towns and villages,” the company said.
The company, however, hasn’t disclosed the size of the acquisition.
AMSL applied to Reserve Bank of India for a Payments’ Bank licence in January 2015.