ICICI Venture Invests US$22.4 Million in BTI Payments (Asia)
Source: VCCircle | Author(s): Sainul K Abudheen
ICICI Venture, the alternative asset management arm of ICICI Bank, has acquired a significant stake in India-based supplier of ATM and point of sales (POS) deployment and managed services BTI Payments for INR1.4 billion (approximately US$22.4 million). The company intends to use the capital injection to enter the White Label ATMs (automated teller machines set up by non-bank entities) segment in India. BTI Payments, which received approval from the Reserve Bank of India to enter the White Label ATMs segment last year, currently owns and operates more than 6,500 POS terminals and over 500 ATMs for several domestic banks in the country.