Microfinance Focus Europe, 22 October 2013: Indian-Dutch joint venture Aavishkaar Goodwell invested INR 360 million ($6 million) in India-based company Electronic Payment Services (EPS), which provides electronic payment systems to merchants in Asia. The move follows a previous investment of INR 245 million ($4.6 million) in 2012.
EPS has installed 1,000 automated teller machines (ATMs) in the Indian state of Maharashtra as of May 2013. The company has agreed to install an additional 500 ATMs per month in the area in order to reach a total of 5,500 by 2014.
About 40 percent of India’s rural population lacks access to basic banking services. In 2012 India’s government asked banks to standardize ATM services through outsourcing to companies like EPS.
As of 2012, Aavishkaar Goodwell managed a portfolio of $157 million in four funds.