RNFI Services is a fintech distribution company that uses a network of 240,000 local entrepreneurs, called Sahayaks, to sell banking, insurance and payment products in India’s semi-urban and rural markets - what it calls “Bharat”. Founded in 2006 as a payments provider, the company has evolved through three phases - building the network, adding products, and now monetising it by pushing higher-margin services like loans and insurance through the same fixed-cost platform. The recurring logic is simple: once the technology and the Sahayak network are in place, adding a new product costs almost nothing, so every additional service flows straight to the bottom line. # Business segments Four engines at different stages - a high-volume forex business that dominates the revenue line, a non-forex platform that generates the real profit, a business correspondent arm that is the original cash cow, and an insurance broking unit that is small but growing fast - all running on the same Sahayak network and Relipay technology backbone. ## 1. Non-forex platform services: where the profit is made **The non-forex segment is the high-margin core of the business - it contributes only part of the revenue but generates nearly all the profit, because it sells higher-value services through a distribution network whose cost is already sunk.** - **Gross margins tell the story** - the non-forex segment earned a gross profit margin of 37.3% in the first nine months of FY26, compared to just 1.2% for the forex segment, making it the engine that actually funds the company’s growth. - **A portfolio of 26 products, none dominant** - the platform sells everything from mobile recharges and travel bookings to cash management services and EMI collections, and no single product contributes more than 8% of profit before tax, so a regulatory change in any one area cannot sink the business. - **EMI collection is the breakout product** - this business grew over 160% in FY25 and now accounts for more than half of the gross transaction value in the transactional business correspondent segment, with the company appointed as a recovery agent for Bank of India and Punjab National Bank. - **New services are layered on at near-zero cost** - the company recently launched an air travel booking platform, became a principal agent for IRCTC train bookings, and started a doorstep banking pilot with a universal bank, all using the same Sahayaks and technology that were already paid for. ## 2. Full-fledged money changer: the revenue heavyweight, not the profit engine **The forex business is a high-volume, low-margin operation where currency is bought and sold - it dominates the top line because of accounting conventions, but contributes almost nothing to net profit.** - **Accounting inflates its apparent size** - forex activities are recorded as currency sales and purchases, which makes the segment look dominant on the revenue line, yet it contributes only 0.5% to profit after tax. - **A licence upgrade unlocks new possibilities** - the subsidiary RNFI Money recently received RBI approval to upgrade from a money-changer licence to Authorised Dealer Category II status, which permits it to offer remittance services and a broader range of foreign exchange products. - **The network will become a distribution channel** - with the AD-II licence in hand and updated RBI guidelines allowing licence holders to appoint forex correspondents, the company plans to roll out forex services through its Sahayak network, turning a low-margin standalone business into a distributed one. - **Bank partnerships provide the plumbing** - RNFI Money has been empanelled with Canara Bank for buying and selling foreign currency notes across India, and has tie-ups with two banks for a forex remittance pilot that is nearing completion. ## 3. Business correspondent: the original cash cow **This is the mature, steady business where RNFI acts as an agent for banks, delivering basic banking services in underbanked areas - it still generates cash, but growth is coming from elsewhere.** - **Aadhaar-enabled payments at scale** - the company holds roughly 4.5% to 5% of the AEPS market, a market worth about INR 25,000 crores per month, making it a meaningful player in the business of enabling cash withdrawals and balance enquiries at rural retail points. - **Regulatory headwinds have been absorbed** - a decline in domestic money transfer volumes and the shutdown of the prepaid instrument-based DMT business following revised RBI guidelines cost about INR 4 crores in profit compared to '24-'25, but the impact is phasing out and revenue was sustained by growth in other products. - **A new bank partnership expands the footprint** - in April 2026, Axis Bank empanelled RNFI as a Business Correspondent Service Provider, meaning the company can now extend banking services in underbanked areas as an agent of one of India’s largest private banks. - **UPI cash withdrawal is the newest bet** - the company was first to market with a UPI QR-based cash withdrawal service, launched in partnership with Jio Payments Bank, enabling customers to withdraw cash at Sahayak outlets with a per-transaction limit of INR 5,000. ## 4. Insurance broking: the small engine with a licence to scale **The insurance business is tiny today but carries a regulatory licence that allows it to sell policies online - and the plan is to push insurance through the same Sahayak network that already sells everything else.** - **A direct broking licence from the insurance regulator** - the subsidiary Reliassure is registered with IRDAI as a direct broker for both life and general insurance, and its registration was renewed in August 2025 for another three years. - **Now permitted to sell online** - in May 2025, Reliassure received approval to undertake insurance e-commerce activities through its own website, meaning it can now sell and service policies digitally, leveraging the Sahayak network for distribution. - **Revenue doubled last year** - direct insurance broking revenue grew 110% in FY25, albeit from a small base, and motor insurance is already live on the Reliassure portal. - **A reinsurance licence is in the works** - the company has applied for a composite insurance licence, specifically a corporate reinsurance licence, which would open an entirely new revenue stream beyond retail policy sales. # Relipay platform and Sahayak network **The entire business runs on two interlocking assets: an in-house technology platform called Relipay, and a network of 240,000 Sahayaks - independent entrepreneurs who sell financial products in their communities and earn commissions on every transaction.** - **Technology built entirely in-house** - the Relipay platform is “completely RNFI,” housing modules for fraud risk management, compliance, accounting and support, with AI being deployed to reduce costs at the support end. - **Deep integration with 130 partners** - the platform is deeply integrated with its partners, 95 of which are banks and financial institutions, and this integration capability has been built over 10 years, allowing faster onboarding of new partners and products. - **The Sahayak is the last-mile engine** - no single Sahayak contributes more than 0.1% of revenue, creating a diversified, low-concentration network where the company earns an average of INR 1,108 per Sahayak per month, a figure that rises as more products are sold through each touchpoint. - **Fixed costs, variable revenue** - the cost of the technology platform and distribution network stays largely fixed, so as transaction volumes rise and more products are added, the incremental revenue flows through at near-zero additional cost, creating operating leverage. # Group structure and partners **RNFI operates through a web of subsidiaries, each holding a specific regulatory licence or serving a distinct business line, all sharing a unified technology, finance, HR and sales backbone.** - **Reliassure holds the insurance broking licence** - registered with IRDAI as a direct broker, it now has approval for e-commerce sales and is expanding its branch network and telemarketing operations. - **PaySprint is a subsidiary** - this subsidiary provides connected banking services and has delivered roughly 100% year-on-year growth, operating with its own sales team under the group’s unified structure. - **Payworld was acquired for its agent network and PPI licence** - the acquisition of 100% of Payworld, which brought 66,000 active agents and a subsidiary holding a prepaid payments instrument licence from the RBI, is being completed in tranches through September 2026. - **New subsidiaries target mutual funds and business correspondent services** - RNFI Asset Distribution was incorporated in March 2026 for mutual fund distribution, and the company is acquiring up to 75% of Ambition Services, a business correspondent with turnover of Rs. 19.52 crores in FY25.