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IMPS platform major Sarvatra Tech eyes $20 mn PE fund

Press Trust of India  |  Mumbai 

Sarvatra Technologies, which provides for small and handling 30 per cent of the overall IMPS transactions, is aiming to raise USD 20 million from a investor in what would be its maiden fund raising from a financial investor.

The company, backed by Vallabh Bhansali of the fame and ICICI Bank, aims to deploy the funds for expansion, a top has said.

"We plan to raise USD 20 million from investors over the next three-to-four months and are already in talks with a few investors," Sarvatra founder and vice-Mandar Agashe, whose family has had strong ties with the cooperative baking system for generations, told

The company sees unified payments interface (UPI) and micro-ATMs as a big opportunity and has drawn up plans to deploy a field force of up to 500 new employees to the existing 250 for the same.

"All these years, weve been focusing on the issuing side of the debit card business and as result almost everyone has a debit card today along with facility on her phone.

"For the next five years, we will focus on the acquiring side where merchants will accept these services," Agashe said, adding the funds raised will be deployed towards this purpose.

The company ended fiscal 2018 with a topline of Rs 70 crore and some profit, he said, adding it notched up a gross transaction value of Rs 27,000 crore during the fiscal, and is set to cross Rs 40,000 crore this fiscal.

Bhansali is the largest shareholder of the company and also serves as the chairman, while other shareholders include ICICI Bank, Indian Overseas Bank, and Oracle Financial Services Software.

In 2010, the Reserve gave it a critical nod to act as a switching with ICICI and HDFC as its "sponsors", that opened up newer business opportunities, Agashe said, adding it now serves over 500 non-scheduled across the country and the total monthly transactions crossed one crore in October.

End-to-end are given, which enable small offer services like ATMs, point-of-sale machines, and debit cards, Agashe, a popular with a number of albums to his credit, said.

He said these cooperative banks pay the company on a per use basis, which is his main revenue stream.

The company chose switching as its niche and avoided going into core solutions space which had a slew of lenders, Agashe said.

The technology developed in-house motivated to both invest in the company as well as use the same platform for its own functioning, Agashe said, pointing out that because of this, as much as 30 percent of the overall IMPS transactions in the country are handled by Sarvatra.

The likes of and are also using its services, courtesy its relationship with ICICI Bank, which also acts as the intermediary for the global giants' payments initiatives in the domestic market.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sun, December 02 2018. 15:20 IST
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