Aavishkaar Backs Indian ATM Outsourcing Company EPS (Asia)

Source: Asian Venture Capital Journal  |  Author: Mirzaan Jamwal

Aavishkaar Venture Management, a venture capital firm focused on India’s rural areas, has invested US$6 million in a second round of funding for India-based payments system Electronic Payment and Services (EPS). The transaction was structured through Aavishkaar Goodwell II and Aavishkaar II. EPS intends to use the capital injection, along with the Aaviskhaar’s original US$4 million investment made in 2012, to deploy 5,500 ATMs for public sector banks in rural areas in the state of Maharashtra.