- Apis Partners has acquired a significant minority stake with board representation in Electronic Payment and Services Private Limited (“EPS”)
- EPS is an ATM outsourcing and related services provider to banks in India, with approximately 5,000 ATMs deployed across 28 states
- Promotes financial inclusion in the country by expanding formal financial services infrastructure and last mile distribution
- This marks the second investment from Apis Partners’ inaugural Apis Growth Fund I, following the announcement of the investment in MicroCred in December 2015
Apis Partners LLP (“Apis”), a private equity asset manager focused on financial services in the growth markets of Africa and Asia, and Electronic Payment and Services Private Limited (“EPS” or the “Company”), a leading Indian ATM deployer, today announced Apis’ significant minority investment in the Company.
EPS offers outsourcing and related services for India’s rapidly growing ATM network. The Company’s services include end-to-end ATM operations, outsourcing, and transaction processing and switching for public, private, regional rural and co-operative banks across 28 states in India.
EPS has deployed ATMs for 26 banks in India including State Bank of India, Bank of Maharashtra and Canara Bank, and has approximately 5,000 ATMs under management across urban, semi-rural and rural locations throughout the country. EPS also has contracts for the deployment of an additional 2,000 ATMs.
“EPS has developed a highly scalable platform and we are working to become the leading ATM outsourcing provider in India, where the number of ATMs is expected to grow from approximately 230,000 today to 550,000 by 2021,” said EPS Chairman and Managing Director, Mani Mamallan. “We have been very impressed by Apis’ expertise and relationships within the ATM and payments sector, both in India and globally, and we are excited to work with Apis on accelerating EPS’ expansion.”
“The investment in EPS is a landmark transaction for Apis, and 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” said Matteo Stefanel, Apis Co-Founder and Managing Partner. “We are extremely pleased to be supporting the EPS team, who has an impressive track-record of execution, and we look forward to working together on the next phase of the Company’s growth.”
“ATMs represent vital last-mile financial services infrastructure for many in India, especially those living in rural areas; but despite the high dependence on cash, there are currently only 15 ATMs per 100,000 adults in the country, far less than in other growth markets,” said Apis Co-Founder and Managing Partner, Udayan Goyal. “The sector is growing rapidly thanks to the Indian Government’s recent emphasis on financial inclusion, and the high growth of card-holders as a result of the new Indian card scheme RuPay. We believe EPS is ideally positioned to deliver exciting growth.”
About Electronic Payment and Services Private Limited (“EPS”)
Electronic Payment and Services Private Limited (www.electronicpay.in) is a leading payment systems company founded in 2011 by veterans from the banking, technology, and retail industry. EPS is headquartered in Mumbai, and was launched to address the demand for efficient, secure and technology driven products and services for the banking industry. EPS specialises in the retail banking and technology domain, and is adept at end-to-end Automated Teller Machine (ATM) operations and outsourcing services, as well as a holistic range of ATM managed services, enabling banks to concentrate on core banking functions.
EPS has built a firm reputation on delivering results, reliability and dependability, having successfully deployed approximately 5,000 ATMs for 26 banks in urban and rural locations across India, in support of the Ministry of Finance (Govt. of India) led mission to drive financial inclusion,
Ed Gascoigne-Pees, + 44 (0)20 3757 4984, firstname.lastname@example.org
Hazel Stevenson, + 44 (0)20 3757 4989, email@example.com