IPO-bound India1 Payments Installs 10,000 White-label ATMs

The IPO-bound India1 Payments, promoted by the Banktech Group of Australia and formerly known as BTI Payments, has said that it has crossed a milestone of deploying 10,000-white-lable ATMs which are labelled as India1ATMs, making it the largest player in the segment.

The company has installed these machines mostly in semi urban and rural areas across 14 states and union territories, and this milestone makes India1 ATM the second largest white label ATM (WLA) brand in the semi-urban and rural areas.

According to the latest data from the RBI as of September, there were 2.4 lakh ATMs in the country, of them around 28,00 are white-label machines.

The company has grown over 15 per cent over last year and account for more than 50 per cent of incremental ATMs deployed in this period.

India1ATM services over 72 million customer transactions and facilitates a gross transaction value of over Rs 13,600 crore every quarter on an average. It began operations in 2014 and since then it has installed more than a third of the WLAs.

In September, the Bengaluru-based company filed draft papers with Sebi for IPO and which is mix of fresh issues and offer for sale by promoters. The issue comprises a fresh issue of equity shares worth Rs 150 crore and an offer for sale of up to 10.31 million shares by existing shareholders and promoters.

K Srinivas, managing director and chief executive of India1 Payments, said "despite the pandemic, we have leveraged our network with an average deployment of over 300 ATMs per month for the previous four months".

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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