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Novopay to spin off retail biz, focus on banking software
Mint Mumbai
|July 22, 2023
Khosla Ventures-backed Novopay Solutions Pvt. Ltd is in the process of demerging its retail business. The company will now only house its banking software business, which was recently rebranded as ‘Trustt’, chairman Srikanth Nadhamuni said in an interview.
Founded by Nadhamuni in 2014, Novopay Solutions began as a platform providing payments and banking services to unbanked and rural customers. Over the years as payments market changed with the emergence of UPI, the Bengaluru-based company started ‘Trustt’ to cater to the needs of financial institutions.
“The Novopay Solutions’ business has a focus on banking SAAS products whereas the retail payments business is focused on B2C channel. Considering the two different set of offerings, targeting two separate market and audiences, the demerger was a logical next move," Nadhamuni said.
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