India Dealbook: TeamLease to acquire stake in Schoolguru, Benow buys Finmo

Temporary staffing company TeamLease Services Ltd will acquire a 40 per cent stake in Schoolguru while digital payments company Benow has bought Finmo and its flagship product DigiBharat.

TeamLease to acquire 40% stake in Schoolguru

Temporary staffing company TeamLease Services Ltd will buy a 40 per cent stake in Schoolguru Eduserve Pvt. Ltd, a technology-led specialized academic services organization, for Rs 13.5 crore (about $2 million).

The acquisition will help TeamLease strengthen its existing business and create new product offerings, the firm said in a stock market disclosure.

Schoolguru was founded in December 2010. The company has a library of 45 undergraduate courses and 30 master’s courses. It has over 125 employees currently.

In May, TeamLease agreed to acquire a 30 per cent stake in Bangalore-based Freshersworld. In January, it had acquired Bangalore-based Keystone Business Solutions Pvt Ltd.

Mumbai-based Benow buys Finmo

Mumbai-based digital payments firm Benow has acquired Gurgaon-based startup Finmo and its flagship product DigiBharat in a cash and stock deal.

The deal amount was not disclosed.

UPI-enabled mobile banking app Finmo was founded in 2016. Upon completion of the deal, Finmo’s existing merchants will be transferred to the Benow platform, according to a company statement. The app enables digital payments for offline retail merchants.

“Acquiring Finmo will help us strengthen our base in the industry and increase our merchant and customer base. As a combined entity, we have the capability to become a leader in enabling neighbourhood merchants to accept digital payments,” Sudhakar Ram, founder and CEO of Benow, said.