### **Overview** RNFI Services Limited (operating under the brand **Relipay**) is a technology-driven, asset-light fintech platform providing end-to-end last-mile financial inclusion services across India. The company leverages a vast network of field agents known as **Sahayaks** to deliver financial and transactional products from banks, corporates, and Financial Service Institutions (FSIs) to underserved and remote communities. With a scalable **phygital (physical + digital) model**, RNFI connects institutional clients with its frontline agents through a proprietary digital platform, enabling seamless service delivery in areas such as payments, insurance, forex, collections, travel, and digital banking. Founded initially as a Business Correspondent (BC), RNFI has evolved into a diversified B2B and B2B2C financial services enabler, reducing dependency on any single revenue stream. --- ### **Core Business Model** - **Platform Architecture**: RNFI operates a **B2B platform model** integrating products from banks, NBFCs, insurers, and corporates directly into its technology stack. These products are distributed via **Sahayaks** — local entrepreneurial agents — for last-mile delivery. - **Agent Network (Sahayaks)**: - Over **2.1 lakh active Sahayaks** across India - Agents function as independent contractors under an **outcome-driven, transaction-based remuneration model**, aligning incentives with performance - Digitally onboarded and trained; managed via in-house tools including OCR, AI-based identity verification, and compliance systems - **Technology & Automation**: - Proprietary systems for **fraud risk management (FRM), compliance, accounting, collections**, and reconciliation - In-house developed **PSP onboarding platform**, **automated dialer systems**, and **AI/ML-powered tools** for onboarding and fraud detection - Platform can handle **5x current transaction volume**, supporting future scalability - Phased AI integration: - *Phase 1*: Cost optimization through automation - *Phase 2*: Revenue growth via intelligent data analytics and AI-led product innovation - **Revenue Model**: Transaction-based revenue from multiple verticals, with focus on increasing **Average Revenue Per User (ARPU)** through cross-selling, agent productivity, and product diversification. --- ### **Key Business Segments & Subsidiaries** | Division | Key Activities | Status & Developments | |--------|----------------|------------------------| | **Relipay (Parent Platform)** | Core operations: BC services, EMI collections, G2C, utility payments, staff augmentation | Primary revenue driver; serves as tech and distribution backbone | | **Paysprint** | Connected banking, banking switch services, UPI, digital escrow (EXcrow), EXcode | Profitable; raised INR 120 Cr at post-money valuation; working toward regulatory licenses | | **RNFI Money Pvt Ltd (FFMC)** | Forex exchange, currency & forex card bookings (RNFI Money Portal) | Holds RBI FFMC license; preparing for national rollout of door-to-door forex services; pursuing AD-II license | | **Reliassure Insurance Brokers** | Life and general insurance broking | Hold IRDAI Direct Broking and ISNP licenses; expanding telemarketing ops; board approved *re-insurance broking* license | | **Payworld Digital / Smart Payments** | Acquired PPI-licensed entity; focused on QR-based UPI, P2P, P2M solutions | Acquisition pending RBI approval; expected to boost digital payments scale-up | | **Relimoney (Forex Arm)** | Outward remittance platform development | Applying for AD-I license; launching scalable digital forex platform | | **CypherDigi** | Niche tech solutions | Minimal revenue contribution currently | | **Relicollect** | EMI and delinquent loan collection | In expansion phase; manageable losses | > **Note**: The consolidated network now exceeds 2.8 crore monthly transactions, with majority profitability across subsidiaries except Payworld (expected to turn profitable by Q4 FY26) and Relicollect. --- ### **Strategic Growth Pillars (Three-Year Roadmap)** 1. **Expand Product Portfolio**: Continuously introduce new financial products including UPI, prepaid instruments, insurance, and digital escrow (e.g., EXcrow), supported by new regulatory approvals. 2. **Scale Agent Network**: Grow Sahayak count and increase productivity per agent through enhanced training, digital tools, and incentive structures. Deepening relationships to boost ARPU and retention. 3. **Broaden Client Base**: Onboard more banks, NBFCs, and corporates via an enterprise sales team offering deep platform integration. Over 20 new bank/FI partnerships formed in the last 6 months. 4. **Technology-Led Scalability**: Invest in AI, machine learning, and automated workflows to reduce manpower dependency, improve margins, and accelerate time-to-market for new offerings. --- ### **Recent Milestones & Initiatives (2024–2025)** - **April 2025**: Integration of **Payworld** into RNFI ecosystem completed, significantly expanding agent and merchant footprint. - **May 2025**: Received **ISNP license from IRDAI**, enabling digital B2B insurance distribution via Sahayaks. - **June 2025**: - Paysprint raises **INR 10 crore** at a **INR 120 crore valuation** (RNFI’s stake reduced to 55%, to increase to ~68% via upcoming promoter transfer) - Signed agreement to acquire Smart Payments (PPI-licensed subsidiary) - **September 2024**: Formalized four-segment structure: BC services, non-BC, FFMC, and insurance broking. - **November 2024**: Expanded service scope beyond BFSI into utilities, travel, and government services. - **July 2024**: Listed on **NSE Emerge**, enhancing visibility and access to capital. --- ### **New Product & Service Launches (Nov 2025)** - **Doorstep Banking Pilot**: Successfully tested with a universal bank; **national rollout planned** using large-scale agent network - **RNFI Money Portal**: Upcoming platform for individuals and corporates to book **foreign currency and forex cards** - **Air Travel Booking Platform**: Launched for retail agent network, expanding non-financial services - **Cash Replenishment Agency Services**: Includes **cash collection, safekeeping, and bullion transportation** - **Proprietary Telemarketing Insurance Portal**: Live; supports Reliassure’s growth in insurance distribution - **Digital Escrow (EXcrow) and EXcode**: New Paysprint products strengthening digital transaction ecosystem --- ### **Regulatory & Compliance Strength** - **RBI Licensed**: FFMC (forex), Business Correspondent (for public sector and Jio Payments Bank) - **IRDAI Licensed**: Direct broking and ISNP (insurance distribution) - **Compliance Standards Achieved**: - ISO 2007 and SOC 2 certification (Paysprint) - Targeting **PCI DSS certification** - Strong regulatory track record with multiple successful approvals (e.g., ISNP, AD-II progress) --- ### **Financial Highlights (H1 FY2026 – as of Nov 2025)** - **Revenue Growth**: +2.9% YoY - **Net PAT Margin**: **61.3%** – significant expansion driven by **operational efficiency, cost control, and automation** - Despite modest top-line growth, **profitability surged**, reflecting successful transition to a capital-efficient, tech-led operating model - Emphasis on **organic reinvestment** rather than aggressive external funding or marketing spend --- ### **Scalability & Competitive Advantages** - **Asset-Light & Capital-Efficient Model**: No fixed salary structure for agents; variable cost base aligned with transaction volumes - **Multi-Vertical Diversification**: Foregoes reliance on any single product line (e.g., forex contributes <0.5% to PAT despite high nominal revenue) - **Integrated Ecosystem**: Combines payments, collections, insurance, forex, travel, and regtech on one unified platform - **National Scalability**: Proven pilot success in doorstep banking and digital insurance; ready for rapid replication - **Strategic Acquisitions**: Payworld and PPI license acquisition positions RNFI for leadership in digital payments space post-RBI approval