Ingenico group buys TechProcess

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.

NumberMall acquires BankSmarts Solutions

NumberMall, a Hyderabad based merchant engaged payment gateway services platform has acquired all the businesses of Delhi Headquartered analytics startup BankSmarts Solutions for an undisclosed sum.

The acquisition will extend NumberMall analytics capabilities, customer reach and merchant offers. The combination is expected to enable new classes of products and services that meet customer needs in assisted ecommerce. Incepted in 2012, NumberMall annual turnover is around Rs 120 Crore, with Business growing 10 percent per month-on-month, though the company has set its sights on 25 percent month-on-month growth.

Besides, it has so far serviced more than 30 Million customers on its platform through 16,000 touch points. During January this year, it raised Rs 5 Crore in equity funding from SRI Capital. Founded in 2013, BankSmarts Solution helps marketers reach the right customers for their products and services by creating customer maps, including customer preferences, purchase propensity, and responsiveness to promotions and offers based on their profile and past purchases.

The solutions help design promotions optimally, and then track effectiveness of promotions in real time, taking corrective action if necessary. The technology platforms work on streaming big data and leverage predictive analysis and machine learning. Kae Capital and SRI Capital are seed investors in the company.