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2013-09-02

Electronic Payment and Services raises Series-B funding from Aavishkar

Mumbai based Electronic Payment and Services Company has raised its series B round of funding of Rs 40 crores from Aavishkar Goodwell India Microfinance development finance company.

Mumbai based Electronic Payment and Services Company has raised its series B round of funding of Rs 40 crores from Aavishkar Goodwell India Microfinance development finance company.

 

 

Electronic Payment and Services is a company that offers end to end retail channel services to Banks and financial institutions

 

 

“Mani Mamallan, Managing Director, EPS has shown that this business is a viable and scalable business. Robust deployment performance by EPS - reinforces our belief in the strength of EPS team”, says Mr. Vineet Rai, MD of Aavishkaar

 

 

According to EPS management, “These investments in EPS represent continued recognition of the opportunity EPS presents. The progress made by the company over the last year is substantial and we are pleased that Aavishkaar recognized the impact that EPS can have in the electronic payment space.”

 

 

EPS has plans to install 5,000 ATMs in the State of Maharashtra at a rate of about 300-400 ATMs per month by end of March 2014. The investment in EPS follows earlier successful capital raised including last year’s follow-on series A offering led by Aavishkaar Goodwell II and Aavishkaar II. Series B investment in EPS is from the same group of company.

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