Chennai-based Financial Software & Systems (P) Ltd (FSS) is planning to raise around Rs 1,000-1,200 crore through IPO. The company backed by Premji Invest and other investors said that the money will be utilised to fund company's future growth.
Nagaraj V Mylandla, founder and managing director, FSS said that the company is also open for inorganic growth mainly to get market and customer access.
The geographies on the company's radar for expansion includes South Africa, US, Europe, Middle East and Asia Pacific.
The payments technology and transactions processing provider, in which Wipro Chairman Azim Premji invested in December 2014, has been valued at around Rs 2,200 crore. Other investors in the company includes Jacob Ballas Capital India Pvt Ltd and New Enterprise Associates. These investors hold nearly 40 per cent of the company.
During the IPO, some of the investors may exit from the company.
FSS is a leading player in electronic payments. The company provides a strategic roadmap for retail payments initiatives and end to end support to leading banks, financial institutions, merchants, governments and other enterprises in the country and other parts of the World. Recently the company won a deal in US to supply its solutions for a leading Bank.
The company's portfolio features range of software products, hosted payment services and software services across retail payments channels such as ATM,POS, internet and mobile.
The $115 million (around Rs 700 crore) company set a target to touch Rs 1,000 crore in 2015-16, said Mylandla.
Currently the company has over 1700 staffs on its rolls in India, North America, Europe, Middle East and APAC.
The company, which is constantly ranked No 1 or No 2 when it comes to IRCTC payment gateway, said that it is in the process of setting up an integrated server, with its own IP. Instead of going through multiple authentication, customer can go through a simple one authentication process, explained Mylandla.
No comments:
Post a Comment