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2013-12-20

EPS Pvt Ltd secures 33 crore funding from Asia Participation

Electronic Payment and Services Pvt Ltd has announced that it has secured 33 Crore funding raised from Asia Participation B.V.

Electronic Payment and Services Pvt Ltd has announced that it has secured 33 Crore funding raised from Asia Participation B.V.

 

This capital will be used for bringing innovations in the current business. Asia Participations B.V. has infused equity shares considering the prospective payment space in India. Prior to Asia Participations B.V., EPS has successfully raised two series of funds from Aavishkaar totaling to 53 Crore. Over a span of 14 months a total equity of 86 Crore has been infused into EPS in 3 phases.  

 

The Indian ATM industry is on upswing and in the long term, it has the opportunity of over a million ATM deployments, which will place it at par with developing economies, such as Brazil. As of today EPS has successfully installed 2520 ATM’s for the Public Sector Banks in Maharashtra.

 

“EPS has grown to be a strong player in the banking and payment industry with holistic outsourcing solutions and deliver tangible results for our customers.  The successful fundraising is a sign of confidence of our Investors in the company,” said Sanjay Kapoor, Promoter and Director of EPS.

 

EPS’s business strategy involves market penetrating through outsourced ATM services, EFT PoS outsourcing, switching for Payment Processing and related technology infrastructure services.

 

“EPS is extremely happy that the investors have shown trust in our team as well as ability to complete the MOF project. With the Government of India’s directives to install branch ATM, all the PSU banks are expected to deploy over 24000 ATM’s 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 Mr. Prakash Joshi, the newly appointed Chief Operating Officer of EPS, who brings rich experience in Profit Centre Operations, Sales, Business Development, Project Execution and Support Operations.

 

Electronic Payment and Services Pvt Ltd, a payment system company  set up in 2011 by industry veterans to serve the ongoing surge for better and effective payment services. While specializing in retail banking and technology domain, EPS manages end to end ATM operations by helping the banks to concentrate on hard core banking.     Electronic Payment and Services Pvt Ltd aims to become one of the leading service providers of electronic banking and payment services.

 

FMO is the Dutch Development Bank. FMO finances companies, projects and financial institutions from developing and emerging markets. FMO believes that entrepreneurship is key in creating sustainable economic growth and improving people’s quality of life. FMO is a sound financial institution with an AAA rating from Fitch Ratings and an AA+ rating from Standard & Poor’s. 

 

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