Quicktouch Hires Razorpay And PayU To Expand Footprint In Fintech & Payment Aggregation

Leading pioneer in the Fintech and Ed-tech space, Quicktouch Technologies Ltd., is making major advancements in the Fintech space and Payment Aggregator industry. By incorporating cutting-edge technology and transforming the payment ecosystem, Quicktouch is poised to redefine industry norms with a focus on improving financial solutions. Quicktouch is excited to announce the hiring of excellent professionals from well-known industry giants, Razorpay and PayU, as part of this ambitious growth.

"The infusion is expected to accelerate the company's growth and innovation, ensuring robust and scalable financial solutions for businesses of all sizes. These new hires are poised to drive innovation, enhance product offerings, and strengthen Quicktouch's market position," said Quicktouch Technologies in a stock exchange filing.

This strategic step demonstrates Quicktouch's dedication to improving its capabilities and quickening its expansion. The Reserve Bank of India has received Quicktouch's application for a Payment Aggregator Licence (under the brand name "Quickpay"), which is presently being processed.

"We are thrilled to welcome these talented individuals to our team," said Mr. Gaurav Jindal, Managing Director, Quicktouch. "Their expertise will be instrumental in propelling our Fintech and payment aggregator initiatives forward. At Quicktouch, we are dedicated to creating a seamless and efficient financial ecosystem that empowers businesses and enhances customer experiences," he added.

This strategic step demonstrates Quicktouch's commitment to rising to the top of the Fintech industry. Quicktouch is a company that consistently raises the bar for the industry, and its most recent entry into the Fintech space is a reflection of its goal of building an effective and seamless financial environment.

Recently, the Board of Directors of the company in their meeting held on Tuesday, July 02, 2024, inter-alia, considered and approved the allotment of equity shares on conversion of 93,796 warrants into 93796 equity shares at an issue price of Rs. 196.17/- each (including a premium of Rs. 186.17/- each), to "Non Promoters/Public Category", on preferential basis, upon receipt of balance amount aggregating to Rs. 1,37,99,971/- at the rate of Rs. 147.128 per warrant.

The issued and paid-up capital of the company has grown to Rs 6,32,37,960 as a result of the warrant conversion and equity share allocation. This is made up of 63,23,796 equity shares, each worth Re. 10.

At their meeting last month on Thursday, June 20, 2024, the Quicktouch Technologies Limited Board of Directors decided to acquire Grenew FZE and authorised the acquisition of an entire stake in Grenew DMCC, a company incorporated in the United Arab Emirates. The company's long-term strategic goals to diversify and extend its business operations into new foreign markets and industries are in line with this acquisition. The goal of acquiring Grenew DMCC is to increase its reach-both locally and globally. Grenew DMCC manages used electrical and electronic appliances and operates a network that includes countries in the Middle East, Africa, the US, and Hong Kong.