IPO-Bound Paramotor To Distribute Aditya Birla Capital Digital’s Prepaid Payment Products

New Delhi: Fintech and enterprise technology firm Paramotor Digital Technology Ltd on Thursday said it has entered into an arrangement with Aditya Birla Capital Digital Ltd (ABCDL) to distribute the latter’s prepaid payment products in the country.

Under the arrangement, Paramotor will market and distribute ABCDL’s prepaid payment instruments (PPIs), including digital and physical prepaid cards and gift cards, to corporate and retail customers, the fintech company said in a statement.

Aditya Birla Capital Digital is the flagship omnichannel direct-to-consumer (D2C) platform of Aditya Birla Capital.

The partnership combines Paramotor’s fintech experience, digital distribution capabilities and partner ecosystem with ABCDL’s prepaid payment infrastructure and regulatory framework, it added.

“Paramotor and Aditya Birla Capital Digital are working to support India’s rapidly growing digital payments ecosystem. We hope that this enables us to provide trusted prepaid payment solutions to businesses and consumers through our expanding technology platform and partner network,” Paramotor Digital Technology Executive Chairperson and Whole-Time Director Sonia Asher said.

In May, Paramotor Digital Technology Ltd had confidentially filed draft papers with markets regulator Sebi in May to raise funds through an initial public offering (IPO).

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