Company Name : Apis Partners
Funding Amount : Undisclosed
Investor(s) Apis Partners
Funding Round : Series B
Apis Partners has invested in Electronic Payment And Services (EPS) and has acquired a minority stake and board representation in EPS.
EPS is a player in banking technology and Automated Teller Machine (ATM) services provider for ATM network. The company’s services include end-to-end ATM operations, outsourcing and managed services for public, regional rural and co-operative banks across 28 states in India.
EPS has installed ATMs for 26 banks including State Bank of India, Bank of Maharashtra and Canara Bank.
EPS Founder, Mani Mamallan said, “We have developed a highly scalable platform and 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. At the sametime, EPS’ market presence and brand equity in the ATM industry and payments industry is growing at an accelerated rate. We have been very impressed by Apis’ expertise and relationships in the sector, both in India and globally, and we are excited to work with Apis on accelerating our expansion.”
He added, “With this infusion of funds, we will develop EPS’ existing business portfolio and seek to penetrate the untapped potential of semi-urban and rural India under the financial inclusion plan initiated by the Ministry of Finance, whilst providing clients with an omni-channel offering.”
Earlier Aavishkaar, GoodWell and FMO (Netherlands based developmental financial institution) invested $20 million in the company’s first three rounds of funding.