PEs eye opportunities in Indian ATM space

The industry has witnessed a recent PE transaction where ICICI Venture has bought minority stake in BTI Payments for $23 million last month

With about 1,40,000 automated teller machines (ATMs) in the country, and the number rising about 28 per cent a year, India remains one of the most under-penetrated ATM markets. This, coupled with the Reserve Bank of India (RBI)’s move to allow third-party white-label ATMs, has made the sector attractive to India-focused private equity (PE)/venture capital (VC) funds and strategic investors. The central bank’s plan to issue more banking licences has added to the draw of this space. Recently, Japanese technology giant Hitachi acquired Chennai-based Prizm Payment. The ...