RNFI Services Ltd Management Discussions

1. Industry Structure and Developments

India stands as one of the worlds swiftest expanding Fintech markets, showcasing remarkable growth. The market size of the Indian FinTech industry surged from $50 billion in 2021 to a projected ~$150 billion by 2025. The industrys Total Addressable Market is set to escalate to a staggering $1.3 trillion by 2025, with Assets under Management and Revenue projected at $1 trillion and $200 billion respectively by 2030. Key segments in this domain encompass Payments, Digital Lending, Insurtech, and Wealth Tech. The Payments landscape alone is poised to attain remarkable heights, with an anticipated transaction volume of $100 trillion and revenue hitting $50 billion by 2030. Concurrently, Indias digital lending market, valued at $270 billion in 2022, is on track to reach $350 billion in 2023. Notably, India claims the position of the second-largest Insurtech market in Asia-Pacific, predicted to surge nearly 15 times its current value, reaching a substantial $88.4 billion by 2030. This solidifies Indias status as one of the worlds fastest-growing insurance markets. Finally, the Indian Wealth Tech sector is anticipated to experience significant growth, propelling to an impressive $237 billion by 2030, driven by a burgeoning base of retail investors.

We are a tech enabled platform offering advanced financial technology solutions in B2B and B2B2C financial technology arena through an integrated business model via our online portal and mobile application, focusing on providing banking, digital and Government to Citizen (G2C) services on PAN India basis. We segregate our business primarily into four (4) segments namely

(i) business correspondent services;

(ii) non-business correspondent services;

(iii) full-fledged money changer service; and

(iv) insurance broking. We are providing full-fledged money changer service through our Material Subsidiary (wholly-owned), namely RNFI Money Private Limited which is RBI registered full-fledged money changer (FFMC) and insurance broking service through our wholly-owned Subsidiary, namely Reliassure Insurance Brokers Private Limited which is registered as a direct (Life & General) broker with IRDAI.

2 . MERCHANT ENGAGEMENT

At the heart of our business strategy is a steadfast commitment to building meaningful, long-term relationships with our merchants/customer or clients.

In FY 2024-25, we deepened our focus on Merchant engagement, investing in both technology and human capital to foster trust, drive satisfaction, and create personalized experiences that resonate.

Enhancing Customer Experience

We recognize that the modern customer expects more than just high-quality products or services they seek seamless, intuitive experiences across every touchpoint. This year, we made significant strides in improving customer journeys through:

Customer Journey Mapping: Using advanced analytics and feedback data, we refined our customer journey maps to identify and eliminate friction points. This allowed us to enhance key moments of truth, from onboarding to post-sale support.

Personalization and Data-Driven Engagement

Understanding individual customer needs is central to our engagement strategy. Over the past year, we leveraged data insights and AI-driven tools to personalize communications, promotions, and recommendations. Key initiatives included:

Segmented Communication Strategies: Tailored messaging based on customer demographics, behavior, and preferences resulted in higher open rates, increased engagement, and stronger brand loyalty.

AI-Powered Customer Insights: Through machine learning algorithms, we gained deeper insights into customer behavior, enabling proactive engagement and predictive support interventions.

Customer Support and Satisfaction

Our customer support teams are integral to our engagement efforts. We strengthened our capabilities in this area by: Expanding Self-Service Options: Introduction of intelligent chatbots, updated knowledge bases, and automated workflows allowed customers to resolve queries more efficiently.

Loyalty and Retention Programs

Recognizing and rewarding long-term relationships remains a strategic priority. We also launched several customer appreciation campaigns, tailored offers, and value-added services, which not only boosted engagement but also positioned us as a partner in our customers journeys.

Voice of the Customer (VoC)

We continued to listen actively to our customers through formal and informal feedback mechanisms. Our structured VoC program allowed for continuous feedback loops, ensuring that customer input directly influences product development, service delivery, and strategic decisions.

Key feedback themes this year included:

Desire for faster service turnaround Greater personalization

Sustainability in packaging and delivery (if applicable)

We are actively addressing these insights in our operational roadmap for FY 2025-26.

4. Segment-Wise Performance

The Company is engaged in 4 major reportable Segment during the year under review.

Sr No.	Name and Description of main products/ services	% to total turnover of the company
1	Non-Business Correspondent	21.38%
2	Business Correspondent	23.68%
3	Full Fledge Money Changer	53.07%
4	Direct Broking (Life & General Insurance)	1.16%
5	Others	0.71%

5. Outlook

Your Company recently had an Initial Public Offer and its objects from that issue were:

Sr. No.	Particulars	Amount (^ in Lakhs)
1.	Funding the Working Capital requirements of our Company	2,500.00
2.	Funding Capital expenditure requirements for the Purchase of Micro ATMs/laptops/Server	1,081.34
3.	Strengthening our technology infrastructure to develop new capabilities	530.00
4.	Achieving inorganic growth through unidentified acquisitions and other strategic initiatives and General corporate purposes	1,937.70

Pursuant to Regulation 32 of the SEBI Listing Regulations read with SEBI Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/2023/120 dated July 11, 2023, the Company confirms that during FY 2024-25, there was no deviation or variation in the utilization of proceeds of IPO from the objects stated in the Prospectus dated July 25, 2024.

6. Risk and Concern

Your Company at present is exposed to the normal industry risk factor of volatility in interest rate, economic cycle, security breach, change in customer preference and credit risk. The impact of new activity, as when decided, will be known in the future.

7. Discussion on Financial Performance with respect to Operational Performance

The brief on Financial Performance of the Company is already provided in the Boards Report of the Company.

8. Human Resource Development

The Company believes that its people are a key differentiator, especially in knowledge driven, competitive and global business environment. Adapting work culture to suit the dynamic balancing of people requirements and employee needs is an ongoing process. Our people are the companys greatest assets. Your company focuses on increasing the overall productivity per employee in the challenging market conditions. Men are the only active agent and acts as a catalyst in effective utilization of all other Ms (Material, Machine and Money). The Board of Directors of your company would like to place on record their sincere appreciation for the efforts and contribution made by all the employees of the Company in the challenging environment. Your directors take this opportunity to thank all employees for rendering impeccable services to every constituent of Company, customers and shareholders. The Company has a well-defined appraisal system to assess and reward the employees appropriately and also to gauge the potentials of the individuals.

9. Adequacy of Internal Control

The established Internal Control System of your Company are adequate to ensure that all the activities are monitored and controlled against any misuse or misappropriation of asset and that the transactions are authorized, recorded and reported correctly. More so, these internal control systems are regularly monitored by the audit committee of your Company and are improved upon on regular basis.

10. Cautionary Statement

Investors are cautioned that this discussion contains statements that involve risks and uncertainties. Words like anticipate, believe, estimate intend, will, expect and other similar expressions are intended to identify Forward Looking Statements. The company assumes no responsibility to amend, modify or revise any forward-looking statements, on the basis of any subsequent developments, information or events. Actual results could differ materially from those expressed or implied. Important factors that could make the difference to the Companys operations include cyclical demand and pricing in the Companys principal markets, changes in Government Regulations, tax regimes, economic developments within India and other incidental factors.

11. Appreciation

Your directors would like to express their sincere appreciation of the co-operation and assistance received from the shareholders, bankers and other government agencies during the year under review.

For and on behalf of RNFI Services Limited
(Formerly known as RNFI Services Private Limited)
Ranveer Khyaliya	Deepankar Aggarwal
Chairman and Managing Director	Director
DIN: 07290203	DIN: 05284120
Date: September 08, 2025
Place: New Delhi