India Inc India Inc: Thursday, 21 January 2016 13:16

UK firm funds EPS plans

Electronic Payments and Services (EPS), a company that invests in and manages ATM networks in India, is understood to have signed up with private equity firm Apis Partners to raise around $35 million.

A statement issued by EPS said that Apis Partners has agreed to a "significant" investment, which will get it a minority stake and a board representation in the company. The UK-based company has agreed to invest $35 million in EPS with around $25 million being brought in upfront.

Mani Mamallan, founder and CEO of EPS, said: “Deploying ATMs for banks is a capital intensive business. This fund raise will help us deploy between 5,000 and 10,000 ATMs in the next two years. We are also in initial stage talks to buy out some players.”

Matteo Stefanel, Apis co-founder and managing partner, said: "The investment in EPS is exactly the type of opportunity that drove us to establish Apis, providing catalytic equity capital to highly entrepreneurial financial infrastructure businesses in growth markets, fostering economic growth and enabling greater financial inclusion.

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