Findi’s TSI Secures A$72m Investment, Eyes A$900m IPO Valuation

Strategic Investment Details

Findi Limited has announced a significant strategic investment by Nova Global Opportunities Fund PCC into its Indian subsidiary, Transaction Solutions International (TSI). The deal involves an injection of up to INR 418 crore, equivalent to approximately A$72 million, aimed at accelerating TSI’s growth trajectory. This capital will be deployed in stages, with the first tranche of INR 150 crore contingent on satisfactory due diligence by Nova Global.

Upon completion of this initial tranche, Nova Global is expected to acquire a substantial equity stake, estimated between 25% and 27% on a fully diluted basis. The subsequent tranches will depend on further due diligence outcomes and Findi’s share price movements, underscoring the conditional nature of the investment.

Backing from a Global Investor

Nova Global, managing over US$190 million and backed by the Zinnia Group with assets exceeding US$1.2 billion, brings not only capital but also strategic value. Zinnia’s extensive footprint in India’s financial services and IT sectors could provide synergistic benefits to TSI, enhancing its market positioning ahead of the planned IPO.

Importantly, Nova Global has signalled a medium to long-term investment horizon, explicitly stating no intention to divest its stake during TSI’s anticipated listing on the Bombay Stock Exchange later this year. This commitment may provide stability and confidence to other investors eyeing the upcoming public offering.

IPO Prospects and Valuation

TSI’s IPO, targeted for later in 2026, is being brokered with an expected valuation multiple ranging from 15x to 19x EBITDA. This pricing guidance suggests a market capitalisation between A$750 million and A$900 million, positioning TSI as a significant player in the Indian fintech and payment solutions landscape.

The infusion of capital from Nova Global is intended to support TSI’s ongoing capital expenditure plans, including expansion of both brown-label and white-label ATM businesses, as well as to bolster long-term working capital needs. This financial backing is critical as TSI prepares for the operational and market demands of a public listing.

Conditions and Next Steps

The investment is subject to customary conditions, including completion of due diligence to Nova Global’s satisfaction, absence of material adverse changes in TSI’s business, and execution of definitive agreements. These safeguards are standard but highlight that the transaction is not yet finalised.

For Findi, this strategic partnership and capital raise mark a pivotal step in unlocking value from its Indian operations. The market will be watching closely as due diligence progresses and as TSI moves toward its IPO, which could reshape Findi’s growth prospects and shareholder value.