- **lead** - Every business needs its cash to move - from a shop counter to a bank vault, from a jeweller’s safe to a refinery - and Radiant Cash Management Services has built India’s widest network to do exactly that. Founded in 2005 by a retired Army officer with a first contract from Deutsche Bank for cash pickup and burial services in Tamil Nadu and Kerala, the company has grown from a regional logistics provider into an integrated platform that combines physical cash handling with digital financial services. The recurring approach is simple: build a dense, disciplined ground network in markets others find hard to reach, then layer on higher-value services - processing, vaulting, fintech, valuable logistics - that the same network can carry. # Business segments A single cash-logistics engine with four complementary service lines - pick-up and delivery, network cash management, cash vans, and processing - plus two younger bets in fintech and valuable logistics that run on the same backbone. ## 1. Retail cash management: the core engine that moves India’s cash **The company picks up cash from over 77,000 retail touchpoints - petrol pumps, e-commerce warehouses, restaurants, pharmacies - and delivers it to banks, earning a fixed fee per point every month.** - **Paid per point, per month** - for cash pick-up and delivery, which brought in 58.4% of FY26 revenue, the company charges a fixed amount per outlet based on its location and daily cash limit, creating a subscription-like stream where roughly 70% of revenue recurs. - **Banking the unbanked** - in network cash management (21.8% of FY26 revenue), cash is deposited into Radiant’s own bank account in towns where the client has no branch, then transferred electronically; the fee is a variable cut of the cash deposited, and growth comes from expanding into Tier-3+ locations where bank branches are scarce. - **The moat is the map** - the company services 14,844 pin codes across 9,162 locations in 28 states and 8 union territories, with over 82% of touchpoints and 83% of revenue coming from Tier-2 and Tier-3+ markets, making it one of the largest players by network reach in India’s retail cash management industry. ## 2. Cash vans, processing, and vaulting: the add-on services that deepen every client relationship **Once the cash is picked up, the company earns additional fees for counting it, moving it in armoured vans, storing it, or placing trained staff at high-cash outlets.** - **Paid by the note** - cash processing (5.5% of FY26 revenue) means counting, authenticating, and bundling cash at the point of pick-up instead of accepting sealed bags, with the fee linked directly to the volume of cash handled, so growth tracks the total cash the company moves. - **Manpower and vaults for hire** - the remaining 2.3% of revenue comes from placing trained staff inside high-footfall outlets to handle cash (billed per head per month) and renting vault space to banks and others for storing cash or valuables, supported by 12 strong rooms and 12 vaults. ## 3. Radiant Insta Credit: turning cash into instant digital credit **A subscription service launched in 2025 that lets a restaurant or jewellery chain hand over physical cash and see the money credited to its bank account before the collection executive leaves the premises.** - **Cash today, credit now** - the service uses an app with integrated KYC that completes background verification in under 20 seconds; a collection executive verifies the physical cash, an OTP is generated, and the amount is credited instantly to the beneficiary’s account, with SMS confirmation on the spot. - **Subscription, not collection** - customers pay the subscription in advance prior to the delivery of services, which eliminates payment follow-ups and creates a robust revenue cycle; the service has achieved a 90%-plus average monthly renewal rate, with strongest uptake from restaurants and hotels. - **Marketed through trade bodies** - outreach runs through the National Restaurant Association of India and the Retailers Association of India, supplemented by radio, print, and digital campaigns. ## 4. Radiant Acemoney: the fintech bet on rural India’s digital payments **A subsidiary that turns village shopkeepers into banking touchpoints - offering cardless cash withdrawals, money transfers, bill payments, and micro-ATMs - while feeding cash back into the parent’s logistics network.** - **Earns on devices and transactions** - revenue comes from a one-time device sale plus a variable fee per transaction with a minimum floor value; the subsidiary turned EBITDA-positive in FY25 after a 10x jump in device onboarding and 9x growth in transaction volumes versus the prior year. - **Synergy with the cash fleet** - the parent’s 7,000-plus field executives are used to roll out Acemoney point-of-sale machines in remote areas, while Acemoney’s business correspondents can accept cash from the retail cash management business at competitive rates, creating a “phygital” loop between physical cash and digital payments. - **Payment aggregator licence in progress** - shareholders approved amendments to the parent company’s charter in December 2025, and the company is applying and trying to secure a payment aggregator license from the RBI, signalling an intent to move deeper into the digital payments ecosystem beyond the subsidiary. ## 5. Radiant Valuable Logistics: moving diamonds, gold, and jewellery **A specialised division that applies the company’s secure-logistics expertise to high-value items - diamonds, bullion, and jewellery - using the same ground infrastructure and last-mile reach.** - **An adjacent market with few players** - the diamond, bullion, and jewellery logistics segment has only two organised competitors, with local “angadias” (traditional couriers) controlling more than half the market; India has over 135,000 registered jewellers, but existing organised players serve only 20,000 to 25,000 of them. - **Small today, growing fast** - the division generated ₹60.7 million in revenue in FY26, growing about 35% over the previous year, and recently added five marquee national jewellery chains as clients, though it still contributes less than 1% of total company revenue. # Operational backbone: risk management and technology **The company’s ability to move cash safely at scale rests on a disciplined, ex-forces risk-management culture and a proprietary technology platform that ties the network together.** - **Ex-servicemen as the first line of defence** - the risk-management team has 140 employees, including 70 ex-armed-forces personnel and a majority of retired Junior Commissioned Officers among its 75-plus risk managers and 60-plus supervisors; ex-forces employees make up 20.6% of the total workforce. - **In-house ERP with client integration** - the company built its own enterprise resource planning system and has integrated it via APIs with select clients' ERP software, providing real-time data tracking that also acts as a barrier to switching. - **Technology that travels with the cash** - field executives use two mobile apps (Radmus and Radiant Sandesh) for end-to-end reconciliation, with QR-code scanning to record cash collected, OTP verification during collection, and a latitude-longitude feature that ensures report accuracy within 100 metres. # Group structure and partners **Radiant Cash Management Services is the listed parent, with one fintech subsidiary, one valuable-logistics division, and a web of related entities tied to its promoter family.** - The parent company, listed on BSE and NSE since its 2023 IPO, operates primarily in a single business segment - cash management services - with no international operations. - Radiant Valuable Logistics is a division of the parent, not a separate legal entity. - The company has extended corporate guarantees of up to ₹128 million to financial institutions on behalf of Aceware, and an inter-corporate loan of ₹60 million to Radiant Protection Force Private Limited, a related party where the promoter directors hold 100% ownership. - The company exited the ATM management business in 2019 and has stated it may consider entering the NBFC business over the next three years, though no board decision had been taken as of December 2025.