1. Insurance broking scale-up - Reliassure grew from ₹23 lakh to ₹5.08 crore revenue in a year (\~22x) by routing the existing Sahayak network through an already-held licence, with no new customer acquisition; direct broking revenue was up 3x in Q1 FY27 with profit up 50%. Insurance is 30% of revenue at 10-15% net margins and is the company's primary multi-fold scale-up vertical.
2. Delinquent loan collection - Signed a three-year Feet-on-Street agreement with Indian Overseas Bank on 27 Jul 2026 for SMA portfolio collection across five states, adding to existing mandates with Bank of India, Punjab National Bank and a large private-sector bank. Management expects this high-margin, recurring business to grow more than three times in the coming years.
3. Payworld integration - The April-2025 acquisition added a large retail network and transaction volume; integration is substantially complete, with cross-sell benefits expected from coming quarters. Payworld is break-even today, and the pending RBI approval on its PPI licence change-of-control would unlock the money product and PPI product for rapid scaling.
4. Paysprint B2B API & SaaS - Paysprint delivered \~100% YoY growth, with the connected-banking and verification stack contributing 75-80% of its top line. The orchestration platform is AI-driven with negligible operating cost, and management expects it to perform "very fantastic" in the coming three quarters.
5. UPI cash withdrawal - Full-scale rollout with Jio Payments Bank commenced 17 Mar 2026 after a successful pilot, enabling QR-based cash withdrawal up to ₹5,000 per transaction across the BC merchant network. The AEPS market is ₹25,000 crore per month with RNFI holding 4.5-5% share; UPI cash withdrawal is expected to be much bigger.
6. Mutual fund distribution - AMFI registration is secured and the wholly-owned subsidiary RNFI Asset Distribution was incorporated in March 2026, with the product expected to go live at the end of Q2 or early Q3 FY27. The revenue model is recurring trail commission on AUM that compounds at minimal incremental cost.
7. AD-II forex & remittance - The RBI upgraded RNFI Money to an AD-II licence in Oct 2025, enabling commercial remittance and B2B flows; Canara Bank empanelment for currency purchase/sale was signed in Mar 2026. The platform is ready with bank integrations done, and management expects a "massive kick-off" from Q1 FY27.
8. Asset BC lending - Axis Bank empanelment as a BC Service Provider was accepted on 9 Apr 2026, with the company also working with a very large private-sector bank on CASA, loans and deposits. The lending vertical will open multiple BC branches on a FLDG model, leveraging the distribution network for credit growth.
9. Ambition Services acquisition - The board approved acquiring up to 75% of Ambition Services on 25 Jun 2026 for up to ₹4.03 crore, adding a BC/BF network with FY25 turnover of ₹19.52 crore. The acquisition strengthens the BC network and expands geographical presence in financial inclusion and lending.
10. Sahayak multi-product deepening - Sahayaks with 4+ products grew 36% YoY to 21,445, while single-product agents fell 27.7%. ARPU rose 27.9% to ₹1,946 per month in Q1 FY27, and no Sahayak contributes more than 0.1% of revenue, leaving headroom for cross-sell.