Paramotor Digital Technology Ltd has announced a co-branded partnership with NSDL Payments Bank to issue secure prepaid cards across India, boosting its consumer and corporate spend management platforms amid preparations for a potential stock market listing.
Paramotor Digital Technology Ltd on Monday said it has struck a co-branded partnership with NSDL Payments Bank to issue prepaid cards across India, a move that expands its push into consumer spend management, digital gifting and loyalty services.
The tie-up is designed to support Paramotor’s SpendPro, Yayyy.shop and RewardOn platforms, giving the company a broader payment layer for both corporate and retail use cases. According to the statement, the arrangement is intended to help Paramotor roll out sector-specific prepaid card programmes for enterprises and consumers.
The company said the cards will be backed by NSDL Payments Bank’s issuance services and banking infrastructure, with an emphasis on secure, Reserve Bank of India-compliant prepaid payment solutions across payment networks. Rahul Anand, Paramotor’s promoter and managing director, said the partnership would strengthen the firm’s vertically integrated platforms.
The announcement comes as Paramotor prepares for a possible stock market listing. In May, the Mumbai-based fintech and enterprise technology company confidentially filed draft papers with India’s markets regulator, the Securities and Exchange Board of India, under the pre-filing route for an initial public offering, according to reports from Moneycontrol, The Economic Times and Fortune India. The company has not disclosed the size or timing of the proposed issue.
Founded in 2016, Paramotor operates across consumer spend management, rewards and loyalty, digital gifting and enterprise software services. Its wider product stack also includes DevStack, while its website says its digital gifting marketplace offers gift cards from more than 225 brands. NSDL Payments Bank, for its part, says its prepaid cards can be used on major payment networks and at point-of-sale terminals, online merchants and ATMs, depending on the card type and customer verification level.
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