ICICI Venture, the alternative asset management arm of ICICI Bank, has bought a strategic stake in BTI Payments, an ATM management company and a subsidiary of Australia-based Banktech Group, for INR1.4 billion (US$22.57 million).
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Though the quantum of the stake could not be ascertained immediately, last month local media reported that BTI may offload around 30% to ICICI Venture.
BTI currently owns and operates more than 6,500 POS terminals and 500 plus ATMs for a large number of banks in India.
The investment is expected to be utilized to branch out into setting ‘white label’ ATMs in India.
BTI Payments plans to roll out over 10,000 white label ATMs in India over the next four years.
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By GlobalDataLast year, the company had received RBI’s approval to deploy WLAs in India. WLAs are automated teller machines set up by non-bank entities; they can be used by customers of all banks.
