Radiant Cash Management Services IPO

Radiant Cash Management Services Limited is an integrated cash logistics player with leading presence in retail cash management (RCM) segment of the cash management services industry in India and is one of the largest players in the RCM segment in terms of network locations or touch points served as of March 31, 2022.

The company provides services across 13,044 pin codes in India covering all districts (other than Lakshadweep) with about 55,513 touch points serving more than 5,388 locations as of July 31, 2022. Its marquee clients include some of the largest foreign, private and public sector banks, and the end user of its services include some of the largest e-commerce companies, retail chains, NBFCs, insurance firms, ecommerce logistics players, railways and retail petroleum distribution outlets.

In Fiscal 2021, it was the company with the second highest EBITDA margin, ROCE and ROE amongst organised players in the cash management services segment.

The co. caters to broad set of outsourcing requirements pertaining to cash management services for banks, financial institutions, organized retail and e-commerce companies in India. It operates their business across five verticals, namely:

1. Cash pick-up and delivery
2. Network currency management (also known as cash burial in industry parlance)
3. Cash processing
4. Cash vans /cash in transit and
5. Other value added services

It has a client base covering some of India’s largest foreign, private sector and public sector banks (including India’s largest public sector bank). Amongst the key clients are Axis Bank Limited, Citibank, Deutsche Bank Limited, HDFC Bank Limited, ICICI Bank Limited, Kotak Mahindra Bank, Standard Chartered Bank, State Bank of India, The Hongkong and Shanghai Banking Corporation Limited and Yes Bank Limited.

The company’s end user segments are fairly well diversified across multiple sectors, including e-commerce companies, retail chains, NBFCs, insurance firms, ecommerce logistics players, railways and retail petroleum distribution outlets. Some of the end users of their services include Bajaj Finance Limited, Equitas Small Finance Bank Limited, Ecom Express Private Limited, Delhivery Private Limited and Hiveloop Logistics Private Limited.

It is certified by Intertek Certification Limited under the requirements of ISO 9001:2015 for provision of cash management services through cash and cheque collection, transportation, processing, vaulting and deposition and the company undergo periodic audit of processes and systems for the certification and renewals.