Piramal Alternatives to deploy Rs 200 crore in ATM player TSI India

The country’s leading ATM operator, Transactions Solutions International (India), has secured Rs 200 crore of investment from Piramal Alternatives. TSI has more than 14,000 ATMs under management and offers automated Bill Pay solutions for utility companies.

The investment by Piramal Alternatives comes from their Performing Credit Fund (PCF), according to senior executives.

Canadian fund CDPQ is the major investor in the $300-million PCF. CDPQ has committed 75% of the investment and Piramal has committed the remaining 25%.

The Rs 200 crore investment from the Performing Credit Fund (PCF), the sector-agnostic fund of Piramal Alternatives, will be used for TSI’s business expansion initiatives, to accelerate its ATM deployment and other payment processing initiatives.

“With TSI, we had the opportunity to participate in a professionally led business within the high growth consumer payment sector. The growth of this sector is vital to achieve the goal to further deepen financial inclusion across the country. This is an objective that resonates with us and is exhibited in the business decisions taken by us,” said Kalpesh Kikani, CEO, Piramal Alternatives.

In October, parent company Transaction Solutions International acquired its 75% stake in the Indian entity from the homegrown PE fund CX Partners after a 10-year period. In 2013, CX Partners had acquired the stake in TSi India for Rs120 crore ($22 mn).TSI bought back the stake for Rs244 crore, said a statement.Transaction Solutions International (TSI) was founded in 2005 by Paul Boyatzis and Gary Foster, Australian nationals with considerable experience in the financial services industry.

TSI processes over 1 billion transactions annually through all managed ATMs and payment products.

TSI India has had 5 years of relationship with 9 public sector banks and 2 private sector banks such as State Bank of India, Central Bank of India, HDFC Bank and PNB

Company has a network of 17,000 merchants offering payment processing solutions.

Major Brown label ATM vendors in the country like AGS, Diebold, FIS, TSI, TCBIL, Prizm, FSS and Euronet.

In October, PCF deployed Rs250 crore in Electric bus maker PMI Electro Mobility Solutions , while

Specialty chemicals company Harmony Organics also raised Rs 225 crore in August.


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