Monday, January 18, 2021

ICICI Bank ties up with Niyo to issue prepaid cards to MSME workers

 ICICI Bank ties up with Niyo to issue prepaid cards to MSME workers

Bengaluru, January 14, 2021: ICICI Bank, a leading private sector bank in India, and Niyo, a new age fintech today announced a tie-up to issue prepaid cards to Micro, Small & Medium Enterprises (MSMEs) workers. MSMEs will now be able to get ‘ICICI Bank Niyo Bharat Payroll Card’ powered by Visa, for their blue-collar workers, who are mostly under-banked. With this, MSMEs can upload the salaries of their workers on the card, which the workers can then utilize as per their need in a seamless manner. The ‘ICICI Bank Niyo Bharat Payroll Card’ allows an individual to receive funds up to Rs. 1 lakh into the card account. It offers convenience and safety of digital banking to the blue-collar workforce while providing a state-of-the-art salary disbursement solution to employers.


This partnership with ICICI Bank is in line with Niyo’s mission to revolutionize the banking experience for India’s blue-collar workforce. With this, Niyo has announced its goal of reaching 5 million blue-collar workers in the next 5 years with its flagship product Niyo Bharat. Niyo Bharat currently has over 1.7 million customers and relationships with over 7000 corporates, adding nearly 5000 customers every day.


Speaking on the initiative, Mr. Sudipta Roy, Head – Unsecured Assets, ICICI Bank said, “We at ICICI Bank constantly strive to introduce facilities that foster inclusivity and extend the reach of the formal banking ecosystem. In line with this, we are delighted to partner with Niyo for the ‘ICICI Bank Niyo Bharat Payroll Card’. This partnership is yet another initiative by us to make banking products easily accessible to the underbanked population. We believe that armed with this card, workers of MSMEs will be able to enjoy the convenience and safety of digital banking.” 

 

Niyo Co-founder and CEO Vinay Bagri said, “The Niyo Bharat Digital Salary Solution has the potential to bring millions of blue-collared salaried workforces into the formal economy and also support the nation’s successful march towards Digital India. Our primary objective is to provide digital banking solutions for the blue-collar segment to not only foster financial inclusion but also inculcate a long-term saving habit among them.”

 

Any MSME can tie-up with Niyo to avail of the prepaid card. After the tie-up, cards are issued to the workers at their workplace itself while their KYC verification is done simultaneously using a biometric device. Once activated, workers can use the card to withdraw funds at ATMs, make online transactions on e-commerce portals, and make payments by swiping the card at Point of Sale (PoS) machines.

 

To further facilitate the cardholders, Niyo offers a multilingual app called ‘Niyo Bharat Mobile app’. Workers can download this app from Google Play Store and register themselves. The app will enable them to transfer funds, pay bills, or do recharges online. It also allows them to block/unblock the card which provides them control of their card security. The cardholders also get a free accidental death insurance cover.

 

Niyo’s robust 24 x 7 Customer Service Team caters to issues arising at any hour of the day via a multilingual captive call center facility.

 

Darpan Sharma, Business Head-Niyo Bharat said, “Partnership with ICICI bank is a milestone in our journey to provide best in class service to the underbanked blue-collar segment. The partnership will create an opportunity to provide all banking services to this segment across the length and breadth of the country”

 

Leveraging technology for payroll, employee benefits, card-based payments, credit, and savings, Niyo provides an integrated solution comprising a digital account in addition to the Bharat mobile app supported by a comprehensive corporate portal, which assists organizations in digitizing the benefits and payroll process. It strives to deliver a frictionless employee experience.

 

About ICICI Bank:

ICICI Bank Ltd (BSE: ICICIBANK, NSE: ICICIBANK, and NYSE: IBN) is a leading private sector bank in India. The Bank’s consolidated total assets stood at ₹14,76,014 crore on September 30, 2020. ICICI Bank's subsidiaries include India's leading private sector insurance, asset management, and securities brokerage companies, and among the country’s largest private equity firms. It is present across 15 countries, including India.

 

About Niyo

Niyo is a digital banking fintech conceptualized in 2015, it currently operates in 4 major business lines: Niyo Bharat Payroll solutions provide modern salary account for India’s large blue-collar workforce,  Niyo Global Card provides the best banking experience and value for international travelers, Niyo Money is a power-packed of a suite of wealth products and soon to be launched Niyo X a next-gen savings account for millennials.

 

Niyo operates out of corporate offices in Bangalore, Mumbai, and Delhi, and has a sales presence in more than 20 states and union territories, currently serving a customer base of around 2 Mn end customers and 7,000 corporates. It employs around 800 people.

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Picture Caption: (L to R): Mr. Nagrajan Viswanathan, National Sales Head, Payment Solutions, ICICI Bank; Mr. Nilesh Kamath, Key Accounts Manager, Self Employed Segment, ICICI Bank; Mr. Atul Jain, Zonal Head – Retail, Karnataka, ICICI Bank; Mr. Sameer Jain, Regional Head - Sales, Payment Solutions, ICICI Bank; Mr. Sarvanan Kumar, Regional Head, Payment Solutions, ICICI Bank; Mr. Vinay Bagri, Co-founder and CEO, Niyo; Mr. Virender Bisht, Co-founder and CTO, Niyo and Mr. Gourav Kumar, Head of Finance, Niyo



 




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Adroit Industries (India) Limited IPO Opens on Wednesday, September 23, 2026 Total Offer Size- Up to 1,12,47, 000 Equity Shares of face value of ₹10 each Fresh Issue Size - Up to 98,97,000 Equity Shares OFS size - Up to 13,50,000 Equity Shares Total Size - ₹ 150.71 Crore (At Upper Price Band) Price Band - ₹ 126 - ₹ 134 per share Lot Size – 111 Equity Shares Mumbai, September 21, 2026 - Adroit Industries (India) Limited is a vertically integrated manufacturer of propeller shafts and torque-transmission components with over four decades of operational experience, serving automotive, primarily commercial vehicles, and non-automotive applications, including defence and emergency services, heavy equipment and off-highway machinery and industrial equipment across more than 32 countries, proposes to open its Initial Public Offering on Wednesday, September 23, 2026 aiming to raise ₹ 150.71 Crores (At Upper Price Band), with shares to be listed on the BSE & NSE. The offer size is up to 1,12,47,000 Equity Shares with a face value of ₹10 each with a price band of ₹126 - ₹134 Per Share. Equity Share Allocation QIB Portion – Not more than 50.00% of the Offer Non-Institutional Investors - Not less than 15.00% of the Offer Retail Individual Investors - Not less than 35.00% of the Offer The net proceeds from the IPO will be utilized for funding capital expenditure by the company towards procurement of machinery and equipment for enhancement of operations at the Dewas Facility and transportation vehicles for movement of goods between the manufacturing facilities, investment in its subsidiary Adroit Driveshafts Private Limited for capital expenditure towards machinery and equipment at the Pithampur Facility and transportation vehicles for movement of goods between the manufacturing facilities, investment in the subsidiary for repayment or pre-payment, in full or in part, of certain outstanding borrowings availed by it, and general corporate purposes. The anchor bidding is on Tuesday, September 22, 2026. The offer will open on Wednesday, September 23, 2026 and will close on Friday, September 25, 2026. The Book Running Lead Manager to the Offer is Choice Capital Advisors Private Limited and the Registrar is Bigshare Services Private Limited. Mr. Saurabh Sangla, Chairman and Managing Director of Adroit Industries (India) Limited “expressed, The upcoming IPO marks a new phase for the Company. Over the years we have built vertically integrated capabilities spanning forging, precision machining, heat treatment, assembly, balancing and testing, and expanded our portfolio to over 5,000 SKUs of driveline components supplied to customers in more than 32 countries. Going forward, our focus will be on strengthening capacity across our manufacturing facilities, improving operational efficiency, deepening engagement with the Distributors, OEMs and Tier-1 customers across our export and domestic markets and broadening our automotive and non-automotive applications. The IPO will support our plans as we continue to strengthen the business and pursue long-term growth.” Mr. Ratiraj Tibrewal, Director of Choice Capital Advisors Private Limited said, “Adroit Industries (India) Limited has built an export-led driveline business over four decades, with vertically integrated manufacturing and a diversified customer base across automotive and non-automotive applications. The upcoming IPO marks an important step in the Company’s journey as it enters the public markets. We believe the Company’s integrated manufacturing capabilities, long-standing customer relationships and expanding product portfolio provide a foundation for its next phase of growth. We are pleased to be associated with Adroit Industries (India) Limited as it takes this step towards becoming a publicly listed company.” About Adroit Industries (India) Limited Adroit Industries (India) Limited is a vertically integrated manufacturer and supplier of propeller shafts – also known as drive shafts or cardan shafts – and related torque-transmission components. Its portfolio spans over 5,000 SKUs of driveline components, including propeller shaft assemblies, yokes, shafts, companion flanges, universal joints and accessories, supplied to automotive applications, largely commercial vehicles and SUVs, and to non-automotive applications spanning defence and emergency services, heavy equipment and off-highway machinery and industrial equipment. The Company operates three manufacturing facilities in Madhya Pradesh – Dewas Facility i.e for die making and forging processes, Pithampur Facility for machining and assembly, operated by its subsidiary Adroit Driveshafts Private Limited, and Sanwer Road Facility for certain finishing operations– with end-to-end in-house capabilities covering forging, precision machining, heat treatment, assembly, balancing and testing. The facility is certified under IATF 16949, ISO 9001, ISO 14001 and ISO 45001. With operations commencing in 1966, the Company has evolved into an export-led driveline components manufacturer, with 95.39% of Fiscal 2026 product sales derived from outside India across more than 32 countries, supported by a Canadian subsidiary for North American customer engagement, and serving 185 customers in Fiscal 2026 through distributors, Tier-1 driveline component suppliers and OEMs. In FY26, The Company achieved a Revenue from operations of ₹1,399.43 million, EBITDA of ₹387.10 million & PAT of ₹261.58 million. Disclaimer: Certain statements in this document that are not historical facts are forward looking statements. Such forward-looking statements are subject to certain risks and uncertainties like government actions, local, political or economic developments, technological risks, and many other factors that could cause actual results to differ materially from those contemplated by the relevant forward-looking statements. The Company will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.

Adroit Industries (India) Limited IPO Opens on Wednesday, September 23, 2026 Total Offer Size- Up to 1,12,47, 000 Equity Shares of face valu...