ICICI Ventures is paying Rs 140 crore to acquire a strategic stake in Bangalore based BTI Payments, an ATM management subsidiary of Australia based Banktech Group, according to a report.
Australian company Banktech will also be contributing Rs 110 crore in capital to the funds raised in the investment by ICICI Venture, a part of its India Advantage Fund III, the TOI report said.
The subsidiary,set up in 2006, operates POS terminals and ATMs in Australia, India, Hong Kong, New Zealand and United Arab Emirates.
Last year it had received conditional approval from Reserve Bank of India(RBI) to set up White Label ATMs in the country. BTI payments plans to install around 10,000 ATMs in tier 3 and tier 4 cities in India across the country in a span of 4 years.
Only recently had RBI permitted private companies to be involved in the business of ATMs, but it had also mandated that these white label operators should install at least 9,000 ATMs in the country.
This is the second investment to happen in the POS and ATM management space in india. Just last week Japanese technology company Hitachi acquired Prizm Payment Services, a Chennai based ATM & POS system provider backed by Sequoia Capital, Axis Bank and Winvet Holdings.