Payment solutions company Financial Software and Systems (FSS) is close to raising $200 Mn (about R1,080 Cr) in a mix of PE and debt, according to BS.
The debt portion of R750 Cr is said to have been almost finalized and a PE infusion of R250 Cr (to be drawn in tranches) would initiate by the initial tranche influx by June this year.
Funds raised are segregated to be deployed into switch and ATM development (R500 Cr), for merchant-related services through POS, mobile, internet, financial inclusion, MPOS and micro ATM including Aadhar-related payments (R250 Cr).
The balance R250 Cr will be outlined for FSS IP-related product development enhancement of and expenditure towards expansion in the overseas market.
Carlyle had invested in the firm in 2000 and 2004.
In 2010 the company had raised $60 Mn (through primary and secondary routes) from New Enterprise Associates and Jacob Ballas Capital India Pvt. Ltd., paving the way for Carlyle to exit and then valuing FSS at $150 Mn.
Headquartered in Chennai and employing 1,500 professionals offers services in the electronic payment, financial transaction processing solutions and services.
The distribution and ATM operation business accounts for 40% of its business. It has installed about 6,000 ATMs and recently won a contract to set up and operate another 4,000 ATMs for public sector banks in Madhya Pradesh.
Carlyle was planning to invest to obtain a controlling stake in Prizm Payments, an electronic payment service provider last year. The materialization of the deal could help Sequoia Capital exit the firm.
ATM outsourcing and payment company – AGS Transact raised R220 Cr from Actis PE.
Accura Infotech was planning to raise R150-200Cr PE investment by selling around 17% stake in the company.
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Tags
Financial Software and Systems ,
Aadhar ,
Carlyle ,
Jacob Ballas Capital India ,
New Enterprise Associates ,
AGS Transact ,
payment system ,
payment infrastructure ,
private equity ,
Financial Software and Systems ,
Aadhar ,
Carlyle ,
Jacob Ballas Capital India ,
New Enterprise Associates ,
AGS Transact
KVEZAR VIEW
Company |
| Name | Promoters | Office | Competitor | Website |
| Financial Software & Systems Private Limited |
Nagaraj V Mylandla |
"Saradha" Ground Floor, No.42, Third Main Road, Gandhi Nagar, Adyar |
Tech Process Solutions Limited |
http://www.fss.co.in |
