Aavishkaar Goodwell, an Indian-Dutch joint venture that invests in development projects, reportedly has invested an additional INR 360 million (USD 6 million) in Electronic Payment Services (EPS), an India-based company that provides electronic payment systems to merchants in Asia. The company invested INR 245 million (USD 4.6 million) in EPS in 2012 [1].
As of May 2013, EPS has installed 1,000 automated teller machines (ATMs) in the Indian state of Maharashtra and has agreed to install an additional 500 ATMs per month in the region to reach a total of 5,500 by 2014 [2]. The ATMs will target the estimated 40 percent of India’s rural population that lacks access to basic banking services. In 2012, the Indian government asked banks to standardize ATM services by outsourcing to companies like EPS [2].
As of 2012, Aavishkaar Goodwell manages a portfolio of USD 157 million in 4 funds. Financial information for EPS is unavailable.
By Megan McGowan, Research Associate
About Aavishkaar Goodwell:
Aavishkaar Goodwell is a for-profit Indian-Dutch joint venture that invests in development projects, managing a loan portfolio of USD 157 million in 4 funds as of December 2012. Aavishkaar Goodwell’s portfolio includes investments in agriculture, education, energy, handicrafts, health, water and sanitation, technology and financial inclusion. The Dutch private equity company Goodwell Microfinance Development Company is the leading investor in Aavishkaar Goodwell, along with development finance institutions and commercial banks that include the Netherlands Development Finance Company (FMO in Dutch), the World Bank’s International Finance Corporation (IFC) and Germany’s Deutsche Bank.
About Electronic Payment Services (EPS):
Electronic Payment Services (EPS) is an India-based company that provides electronic payment services to merchants in Asia. EPS provides automated teller machines (ATM) terminals as well as installation, maintenance and management services for the machines. Financial information for EPS is not available.
Sources and Additional Resources
[1] Asian Venture Capital Journal: “Aavishkaar Backs Indian ATM Outsourcing Company EPS,” http://www.avcj.com/avcj/news/2290114/aavishkaar-backs-indian-atm-outsourcing-company-eps
[2] The Times of India Article: “ATM Outsourcing Company EPS Raises Rs 37 Crore from Aavishkaar,” http://timesofindia.indiatimes.com/business/india-business/ATM-outsourcing-company-EPS-raises-Rs-37-crore-from-Aavishkaar/articleshow/21855385.cms
MicroCapital Article, “MICROCAPITAL BRIEF: Goodwell West Africa Invests in MicroCred Microfinance Bank Nigeria,” October 19, 2013, https://www.microcapital.org/microcapital-brief-goodwell-west-africa-invests-in-microcred-microfinance-bank-nigeria/
MicroCapital Article, “MICROCAPITAL BRIEF: Aavishkaar Goodwell, Asia Pragati Invest $3.4m in Swarna Pragati Housing Microfinance in India,” October 16, 2013, https://www.microcapital.org/microcapital-brief-aavishkaar-goodwell-asia-pragati-invest-3-4m-in-swarna-pragati-housing-microfinance-in-india/
MicroCapital Article, “Grameen Koota of India Receives $9.8m in Equity from Incofin, Microventures, Aavishkaar Goodwell, Greation Investments; $4m in Debt Funding from Deutsche Bank Microfinance Fund,” March 14, 2013, https://www.microcapital.org/microcapital-brief-grameen-koota-of-india-receives-9-8m-in-equity-from-incofin-microventures-aavishkaar-goodwell-creation-investments-4m-in-debt-funding-from-deutsche-bank-microfinance-fund/
MicroCapital Article, “Indian Microfinance Institution Utkarsh Raises $5m in Equity from Norwegian Microfinance Initiative, Aavishkaar Goodwell, International Finance Corporation,” October 3, 2011, https://www.microcapital.org/microcapital-brief-indian-microfinance-institution-utkarsh-raises-5m-in-equity-from-norwegian-microfinance-initiative-aavishkaar-goodwell-international-financial-corporation/
MicroCapital Universe Profile: Aavishkaar Goodwell, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Aavishkaar+Goodwell+India+Microfinance+Development+Company+Ltd
MicroCapital Universe Profile: Electronic Payment Services,
MicroCapital Universe Profile: Goodwell Investments BV, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Goodwell+Investments+BV
Do you know that MicroCapital publishes the MicroCapital Monitor newspaper each month? Find out more at https://www.microcapital.org/products-page/
Similar Posts:
- MICROCAPITAL BRIEF: Goodwell Launches uMunthu II Fund for SMEs in Africa
- MICROCAPITAL BRIEF: Abler Nordic Leads $10m Equity, Debt Investment Round for Ergos, Agtech Offering Crop Storage in India
- MICROCAPITAL BRIEF: Oxfam, Goodwell Launch Pepea, $23m Fund to Invest in SMEs in East Africa
- MICROCAPITAL BRIEF: Invest International Places $11m in Equity Fund uMunthu II to Support Rapidly Expanding SMEs in Africa
- MICROCAPITAL BRIEF: Mintoak of India Rolls Out App for HDFC Bank, Allowing Customers to Accept Electronic Payments