Manipal Technologies, a part of the Manipal group, is planning to enter the electronics payment space, which has seen a lot of action in the recent days.
The has sought approval from the finance ministry to raise Rs 154.04 cr (~$25 mn) from foreign investors.
Although the company’s plans are not clear, in a proposal to the Foreign Investment Promotion Board (FIPB), it said it wants to invest the funds into cards payment system management and processing services for all kinds of alternate delivery channels including ATM.
The company was already providing, payment and identification solutions for closed systems like educational institutes for identification and transactions as well as for open systems like the banks gifting cards.
According to the release by the ministry, the proposal submitted by the company for the FDI investment has been currently kept in abeyance.
Earlier this month ICICI Ventures paid Rs 140 crore to acquire a strategic stake in BTI Payments, an ATM management subsidiary of Australia based Banktech Group. Similarly Japanese technology company Hitachi acquired Prizm Payment Services, a Chennai based ATM & POS system provider backed by Sequoia Capital, Axis Bank and Winvet Holdings, late last month.