The Reserve Bank of India has approved the full sale of Tata Communications Payment Solutions, a wholly-owned subsidiary of Tata Communications that operates brown label ATMs, to Findi, an Australian-based ATM operator, for ₹405 crore (US$48.3 million).
Findi announced in a statement on February 3 that the acquisition will be carried out through its majority-owned Indian subsidiary, Transaction Solutions International India.
Following the deal, Findi’s brown label ATM network in India will grow from 7,500 to over 12,000 units.
Tata Communications was the first to launch brown label ATMs in India under the Indicash brand. Findi, which is listed on the Australian Stock Exchange, operates its ATMs under the FindiPay brand.
The Reserve Bank’s approval came after Findi increased its offer by ₹75 crore (US$9 million), from ₹330 crore (US$39.5 million) to ₹405 crore (US$48.3 million), compared to the initial offer in November 2024.
Deepak Verma, CEO of Findi, said,

“This acquisition expands our ATM network to over 12,000 and strengthens our position in the financial services sector. It also enhances our merchant network and digital payment capabilities, accelerating financial inclusion for the underbanked.”
Findi, through its domestic arm, has operated 7,500 ATMs in partnership with 12 banks, including SBI, PNB, and HDFC Bank, over the past eight years.
With the acquisition, Findi will integrate over 4,600 operational Indicash ATMs and gain access to an additional 3,000 ATMs for deployment, making it one of the largest ATM operators in Asia, with a total network of over 12,000 ATMs across both brown and white label categories.
This marks Findi’s second major acquisition this year.
Earlier this month, Findi acquired Bankit, a digital payments service provider with over 129,000 merchant touchpoints, bringing its total merchant base to 180,000.
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