TechM arm Comviva divests stake in TerraPay to consortium of global investors

Mobility solutions provider Comviva, a wholly-owned subsidiary of Tech Mahindra, has divested its entire stake in The Netherlands-based TerraPay to a consortium of global investors for an undisclosed sum. Additionally, the investors have also pumped $9.6 million into TerraPay to fund its expansion plans.

The consortium includes investors such as Prime Ventures and Partech Partners, and International Finance Corporation (a member of World Bank Group), the company said in a statement.

“We believe in our mission to address financial inclusion by making real-time national, regional and global payments accessible to everyone,” Ambar Sur, Founder and Chief Executive Officer of TerraPay, said.