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Spice Mobility transforms corporate identity to DiGiSPICE Technologies; forays into digital technology and fintech ecosystems

May 22, 2019
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Spice Mobility Limited’s board of directors have proposed to transform the corporate identity of the company to DiGiSPICE Technologies Limited and the name of its subsidiary, Spice Digital Limited to Spice Money Limited, subject to necessary approvals. While DiGiSPICE Technologies Limited will focus on providing digital technology services, Spice Money Limited will be the fintech subsidiary of the company, focused on driving digital financial services in India.

Further, the company has announced its consolidated financial  results  for  the  quarter  and  year  ended  March  2019,  posting  a revenue  of  Rs 3.76 billion as against the previous year revenue of  Rs 2.80 billion, registering a growth of 34 per cent on a year-on-year basis. Moreover, it reported a profit after tax of Rs 90.8 million as against a loss of Rs 447 million in the previous year. Meanwhile, the board of directors also recommended a dividend of 15 per cent of the paid-up equity capital of the company for the year ended March 2019, subject to shareholders’ approval.

The company launched its digital initiatives in the past 12 months under the DiGiSPICE brand and has seen notable success in developing countries like Indonesia, Bangladesh, Kenya and other countries in Sub-Saharan Africa apart from India. It also launched its digital financial technology services business through its subsidiary company, branded Spice Money. The digital platform offers financial services in semi urban and rural India.

Announcing the above developments, Dilip Modi, Chairman, DiGiSPICE said, “There are two megatrends that we, at DiGiSPICE, are very excited about. The first megatrend that we are seeing is that worldwide telcos, enterprises and governments are aggressively working on their digital transformation blueprints. DiGiSPICE Technologies, with a pedigree of digital, aims to work closely as partners with telcos and enterprises across developing and developed markets in enabling their digital transformation journey. The second megatrend that we are witnessing is around “Bharat” going digital. Spice Money, a wholly owned subsidiary of DiGiSPICE Technologies, is working to financially empower a billion people in “Bharat” using digital platforms. We have till date on boarded over 200K next door kirana stores as our customer service partners on the Spice Money digital platform. More than five million customers are availing financial services at these Spice Money customer service points every month. We are committed towards building DiGiSPICE Technologies into a leading next-gen digital services and products company in the emerging new technologies space.”

As a part of its continuous effort to professionalise the management of the company, the board had recently appointed Preeti Das, as the chief executive officer (CEO) of Spice Mobility. She brings over three decades of global experience from multiple large organisations like Microsoft, Oracle, Birlasoft etc. in IT and digital services. She will lead the company’s digital transformation journey with a view to create a leadership position for DiGiSPICE in offering digital technology services to telcos, enterprises and governments across the world.

The company further announced the completion of a demerger process through a scheme of arrangement, which has been duly approved by the National Company Law Tribunal (NCLT), Delhi. The scheme paves way for:

• Consolidating all the technology services businesses under Spice Mobility, making Spice Mobility a digital technology services company.

• Creating a separate digital financial services company, as its wholly owned subsidiary.

An application to be made to the stock exchanges to reclassify Spice Mobility Limited (New name DiGiSPICE Technologies Limited) from the current industry classification of “Telecom Telecommunication Equipment” to “Information technology-Software and Services -IT Consulting and Application Software” sector. This will enable the company to rightly position itself with customers, partners, investors and analysts and also enable investors to compare and analyse the performance of the company with the right industry benchmarks.

 
 
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