Ingenico group of France will buy
100% stake in TechProcess Payment services which owns electronic payments
platform Billjunction. Ingenico has shelled out approximately Rs600 cr. for the
acquisition of TechProcess. Avendus Capital was the advisor to this transaction.
Ingenico is present in the online
payments business through its ePayments entity EBS, and has a 50% market share
of credit card swipe machines installed in the country. Based on its
already leading position in terminal market, Ingenico Group is making, with the
acquisition of TechProcess, a major step in India, the fastest growing country
in Asia.
Founded in 2000, Mumbai-based
TechProcess is an online and mobile payment services provider with
approximately 600 employees across 40 locations. It was originally incubated by
ICICI Venture and now has investors such as Greylock Partners, Battery
Ventures, Nokia Growth Partners and W Capital Partners. TechProcess
offers products and solutions in online payments gateway, National Automated
Clearing House, bill payments and mobile payments.
In November, TechProcess partnered
with NumberMall, an app-based payments platform for small merchants, in a deal
that will enable 30,000 kirana shops to accept cashless payments.
TechProcess also has a payment wallet Paynimo. In India, around 90% of the
purchases are done in cash at present. However, electronic payments are
expected to increase significantly in the coming years, given the recent
government initiatives.
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