Ravinder Singh, Founder and COO of 1-India Family Mart, on Wednesday, announced the sale of his financial technologies venture, Starfin India, to BLS E-Services Pvt Ltd, for an undisclosed amount.

BLS E-Services is a wholly-owned subsidiary of BLS International Services Ltd, listed on BSE and NSE. Starfin India Pvt Ltd, a banking business correspondent of State Bank of India, holds a national licence and has over 1,500 active customer service centres across 11 states, Singh said in a statement.

The buyout will add value to BLS and strengthen its presence in the B2C service category. 1-India Family Mart, a value retail venture growing phenomenally y-o-y, will be touching 100-store mark by the end of the year, he said.

In order to contribute to the rural development through digitalisation, BLS E-services will set up its own network of franchisees to provide B2C services across the country, mainly targeting small towns and villages. This business model is expected to promote entrepreneurship, employment generation, and skill development.

A leader in the Government to Citizen services, BLS International Services Ltd has grown over the last 12 years to establish itself as a partner of choice for client governments worldwide, according to a press release.

Starfin is a distribution powered sales enabling services company that helps global corporations achieve their business objectives. Its range of solutions include channels and distribution strategies, sales force recruitment and tracking, customer database maintenance, business and market intelligence as well as back-end sales support services.

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