You are here: Home » Companies » News
Business Standard

Premji Invest-backed FSS plans to raise Rs 1,200 cr through IPO

Company to utilise the proceedings for proposed expansion

BS Reporter  |  Chennai 

Chennai-based Financial Software & Systems (P) Ltd (FSS) is planning to raise around Rs 1,000-1,200 crore through IPO in the next two to three years.

The company, backed by Premji Invest and other investors, said the money would be utilised to fund its future growth.

Nagaraj V Mylandla, founder and managing director, FSS, said the company is also open for inorganic growth mainly to get market and customer access.

The geographies on the company's radar for expansion includes South Africa, US, Europe, Middle East and Asia Pacific.

The payments technology and transactions processing provider, in which Wipro Chairman Azim Premji invested in December 2014, has been valued at around Rs 2,200 crore. Other investors in the company include Jacob Ballas Capital India Pvt Ltd and New Enterprise Associates. These investors hold nearly 40% of the company.

During the IPO, some of the investors may exit from the company.

FSS is a leading player in electronic payments. The company provides a strategic roadmap for retail payments initiatives and end to end support to leading banks, financial institutions, merchants, governments and other enterprises in the country and other parts of the World. Recently the company won a deal in US to supply its solutions for a leading Bank.

Company's portfolio features range of software products, hosted payment services and software services across retail payments channels such as ATM,POS, internet and mobile.

The company which clocked around Rs 700 crore has set a target to touch Rs 1,000 crore in 2015-16, said Mylandla. Currently the company has over 1700 staffs on its rolls in India, North America, Europe, Middle East and APAC.

The company, which is constantly ranked No 1 or No 2 when it comes to IRCTC payment gateway, said it is in the process of setting up an integrated server, with its own IP. nstead of going through multiple authentication, customer can go through a simple one authentication process, explained Mylandla.

First Published: Fri, May 15 2015. 18:38 IST