Aavishkaar invests in ATM outsourcing company- Electronic Payment and Services; Will Deploy 5,500 ATMs in Maharashtra
Aavishkaar has made an investment of US$ 4million through two of its funds- Aavishkaar Goodwell II a financial inclusion fund and Aavishkaar II a rural and semi-urban India focused fund.
Mumbai based Electronic Payment and Services Private Limited (EPS), a payment solution company started in 2011, has raised first round equity funds from Aavishkaar to execute the PSU bank contract for deployment of over 5,500 ATMs in the state of Maharashtra over next two years. The Company is currently engaged in the business of ATM outsourcing and aims at becoming an end-to-end payments solutions company.
Promoter and Founder of Electronic Payment and Services Private Limited (EPS ), Ms. Vidya Rani Mani Mamallan said, “EPS aims at creating successful business model to tap huge market opportunity in the payments space and we thank Aavishkaar for supporting us in this dream initiative”. Adds Sanjay Kapoor, Founder Director “ EPS also wishes to be part of financial inclusion story in the country and shall participate in MoF financial inclusion initiatives on PoS, Card issuance front, etc.”.
“As an early stage investor, we see EPS as an exemplification of the right ingredients for building a strong company backed by a strong founder team and an extremely interesting space within the managed ATM services space. We are delighted that two of our funds have collaborated in making this deal come through.” says Vineet Rai Founder and Managing Partner at Aavishkaar.
“We are happy to support Mani Mammallan and his team who come with strong hands-on experience in the field of technology and banking services, in their new venture.” say Vineet. In the coming months, the fund is geared up to invest in more such high-impact, scalable entrepreneurial opportunities, particularly in financial services, healthcare, education, agriculture, technology and renewable energy sectors.
“We are excited that EPS is able to participate in this project promoted by Ministry of Finance, which aims at improving the penetration of ATM’s across Maharashtra.”
Aavishkaar India II Company Limited (Aavishkaar II) is a US$ 120 million venture fund that seeks to invest in early and growth-stage enterprises operating in rural and semi-urban India. The fund achieved its first closing at US$ 70 million in December 2011. Aavishkaar II aims to build on the experience and track record of its predecessor, the Aavishkaar I fund and will make equity investments in enterprises offering products and services in areas such as healthcare, water and sanitation,education, renewable energy and agriculture, with a significant proportion of these investments being in ‘Low-Income’