New Delhi [India] August 23 (ANI/BusinessWire India): BTI Payments Private Ltd, a joint venture between the Banktech Group and funds managed by ICICI Venture, on Thursday 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.
The White Label ATM brand - india1 ATM of BTI Payments is the second-largest White Label ATM network and the third-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 the 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 un-penetrated areas, thereby improving access to formal banking channels for India's vast, underserved rural population.
"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 under-served areas to improve basic access to the semi-urban and rural populace of the country. We have built a strong business over the last five 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", said K Srinivas, CEO, and MD, BTI Payments Private Limited.
"We are very happy with the formidable presence BTI Payments has built in the White Label ATM space in a short span of five years. We are very excited with the vast opportunity that rural India offers which is accentuated by the financial inclusion initiatives of the government of India and are confident of BTI Payments' ability to scale up and serve this market profitably", said David Glen, Chairman, BTI Payments Private Limited.
"Over the past five 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", said Prashant Purker, MD and CEO, ICICI Venture Funds Management Company Limited.
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