Annapurna Finance has around 25 per cent market share in the money changing and transfer business in Nepal and the deal size is likely to be Rs 700-800 million. Annapurna is the biggest agent of Western Union Money Transfer chain in Nepal and has 60 branches across the country. After the acquisition, it will become a subsidiary of Wall Street Finance.

Spice is looking to acquire more such companies in the near future in other neighbouring countries where there is a flourishing remittance market. A large part of Nepal’s population works in India, Malaysia and the Gulf countries. Overall remittance market of Nepal is around Rs 2.7 billion this year.

Spice Finance had acquired a 36.8 per cent stake in Wall Street Finance from Anil Ambani’s Reliance Money this year, after the latter decided to quit the business.