Saturday, Jun 6 2020 | Time 08:26 Hrs(IST)
  • Speeding up Ayushman Bharat could help tackle Covid : WHO
  • Covid not growing exponentially in India, risk remains : WHO
  • Kazakhstan's Almaty Region Hit by 6 2 Magnitude Earthquake – Emergency Services
  • G20, Partner Countries to Allocate Over $21Bln to Fight COVID-19 Pandemic – Statement
  • Four members of inter-state gang arrested
  • WHO warns of risks of COVID-19 explosion in South Asia's densely-populated region
  • French Troops Kill Head of Al-Qaeda in the Islamic Maghreb in Mali – Defense Minister
  • 35-yr-old man commits suicide in Nashik
  • On ‘WE’ Day, MP CM calls for team efforts
  • Aurangabad MP Jaleel demands for repatriation of Maha students stranded abroad
  • 444 new corona +ve cases detected in Thane
  • MP CM launches greening drive
  • 67 new Covid-19 cases identified in Nashik
  • Nashik-based rangoli maker draws rangoli to protest against brutal killing of cow elephant in Kerala
  • Senior journo Vinod Dua booked for allegedly releasing fake news
Press Releases » Business Wire India


BTI Payments Receives Rs. 1500 Mn of Equity Funding to Expand Its Operations

Business Wire India

  • BTI Payments – the second largest White Label ATM Operator receives a fresh round of equity funding of Rs. 1,500 Mn

  • BTI owns and operates over 5,100 White Label ATMs across 15 states under the brand name “india 1”

  • Playing a key role in the financial inclusion agenda of the Government of India, BTI has installed over 90% of its ATMs in Semi Urban and Rural markets  

  • This round of funding would be used to expand the operations and double the installed base to 10,000 ATMs in the next 18 months.

     


BTI Payments Private Ltd, a joint venture between The BANKTECH Group and funds managed by ICICI Venture, today announced a fresh round of capital infusion of Rs. 1,500 Million. This round of funding is driven by the existing promoter The Banktech Group and India Advantage Fund Series 4 managed by ICICI Venture.

 

BTI currently has an installed base of over 5,100 ATMs covering 15 States and the infusion of fresh equity capital will help BTI Payments drive further expansion in existing and new geographies. The company targets to double the installed base of White Label ATMs to 10,000 by March 2021.

 

india1 ATM – the White Label ATM brand of BTI Payments is the second largest White Label ATM network and the 3rd largest rural ATM brand in the country. With a significant rural footprint serving close to 20 million customers, india1 plays a key role in the financial inclusion agenda of Government of India by providing critical banking infrastructure for India’s rural population. Going forward, the company would continue with this mandate and expand its footprint in hitherto unpenetrated areas, thereby improving access to formal banking channels for India’s vast, underserved rural population.

 

K Srinivas, CEO and MD, BTI Payments Private Limited, elaborating on this landmark said, “ATM density in rural India is one of the lowest at one ATM per 20,000 people. Over the last 5 years, BTI has been building ATM infrastructure in these underserved areas to improve basic access to semi-urban and rural populace of the country. We have built a strong business over the last 5 years by successfully deploying more than 5,100 india1 ATMs serving close to 20 million customers every month. The new capital will help us deepen our rural presence and accelerate our roll-outs - doubling our ATM network over the next 18 months.”

 

David Glen, Chairman, BTI Payments Private Limited, said, “We are very happy with the formidable presence BTI Payments has built in the White Label ATM space in a short span of 5 years. We are very excited with the vast opportunity that rural India offers which is accentuated by the financial inclusion initiatives of government of India and are confident of BTI Payments’ ability to scale up and serve this market profitably.”

 

Prashant Purker, MD & CEO, ICICI Venture Funds Management Company Limited, said, “Over the past 5 years, White Label ATMs have established themselves as the most efficient and scalable model for facilitating access to formal banking channels for India’s large population in semi-urban and rural areas. BTI Payments has developed unique competencies to provide banking access to these hitherto underserved Indians with high focus on customer service. Despite various efforts, a large part of our rural population remains underserved. This offers a unique opportunity for BTI to scale its operations from 5,100 ATMs to over 10,000 ATMs over the next 18 months, potentially providing access to over 50 million customers. This we believe is only the start in a long journey to complete the financial inclusion agenda of the government.”
More News

World Environment Day: Importance of International Cooperation to Care for Nature

05 Jun 2020 | 2:32 PM

JICA commemorates World Environment Day by laying impetus on global unity

see more..

Faradion Announces Major Partnership for Developing Sodium-Ion Batteries for Commercial Vehicles in India

05 Jun 2020 | 1:30 PM

Faradion Ltd., the world leader in sodium-ion battery technology, has announced a new partnership with Infraprime Logistics Technologies (IPLTech) for its high energy sodium-ion batteries for use in commercial vehicles in the Indian market.

see more..
MyGate Implements GDPR Guidelines to Give Users Complete Information

MyGate Implements GDPR Guidelines to Give Users Complete Information

05 Jun 2020 | 12:55 PM

MyGate, India’s largest security and community management solution, has significantly strengthened its commitment to information privacy by announcing that it has implemented General Data Protection Regulation (GDPR) guidelines.

see more..
MyGate Implements GDPR Guidelines to Give Users Complete Information Control

MyGate Implements GDPR Guidelines to Give Users Complete Information Control

05 Jun 2020 | 12:55 PM

MyGate, India’s largest security and community management solution, has significantly strengthened its commitment to information privacy by announcing that it has implemented General Data Protection Regulation (GDPR) guidelines.

see more..

Chitkara University Shortlisted in the Category of "Technological Innovation of the Year" by Times Higher Education Asia Awards 2020

05 Jun 2020 | 11:20 AM

Chitkara University is the only University from India to have made it to the top 8 finalists for the category - 'Technological Innovation of the Year' for the prestigious Times Higher Education Asia Awards 2020.

see more..