Mumbai-based payment system company Electronic Payment and Services Pvt Ltd (EPS) has secured Rs 33 crore (over $5 million) funding from Asia Participation B.V, an affiliate of FMO, a Dutch development bank. The capital will be used for bringing innovations in the current business.
“In spite of the uncertain market and macro-economic conditions in fiscal year 2013, EPS was able to drive the ATM deployment project in Maharashtra. We aim to become one of the leading service providers of electronic banking and payment services,” said Sanjay Kapoor, director of EPS.
EPS’s business strategy involves market penetration through outsourced ATM services, EFTPoS outsourcing, switching for payment processing and related technology infrastructure services. Prior to this round, EPS raised two series of funds totalling Rs 53 crore from Aavishkaar. Over 14 months, a total equity of Rs 86 crore has been infused into EPS in three phases.
“With the government of India’s directive to install ATMs in all branches, PSU banks are expected to deploy over 24,000 ATMs by March 2014. This will ensure all the beneficiaries of Direct Benefit Transfer (DBT) to avail cash from ATM’s in urban as well as rural locations,” said Prakash Joshi, COO, EPS.
Set up in 2011, EPS is specialising in retail banking and technology domain and manages end-to-end ATM operations by helping the banks to concentrate on hard-core banking.
FMO finances companies, projects and financial institutions from developing and emerging markets. It creates access for entrepreneurs in developing countries to financial services and expertise that enable them to drive sustainable development. It provides equity, loans and guarantees, capital market transactions, mezzanine and other tailor-made solutions, long-term and short-term project financing and access to its expertise, vast network and partnerships.
(Edited by Joby Puthuparampil Johnson)