point
Menu
Browse by year:
The Smart Techie was renamed Siliconindia India Edition starting Feb 2012 to continue the nearly two decade track record of excellence of our US edition.

Prizm Payment receives Rs. 36 Crore from Sequoia Capital

ST Team
Wednesday, September 7, 2011
ST Team
Chennai based Prizm Payment Services, an electronic payment services provider, gets Rs. 36 crore from Venture Capital firm Sequoia Capital India. Sequoia has so far invested Rs. 67.5 crore in the company. The fund will be used to set up more automatic teller machines. Prizm Payment is a company created by integrating the operations and team of Integrated Maintenance and Services, and Sequoia Capital. The company is created to develop a self-sufficient mutually beneficial nation-wide modern payments ecosystem for financial institutions, retailers and service providers.

It has presence in 70 Tier I, Tier II and Tier III cities, and delivers services to 20 of the top corporate customers in the country. The management team is headed by members with track record of consistently delivering to customer expectations and has over 100 years of collective experience in financial services business in India.

“A year ago we used to set up three to four ATMs per day and now we set up around 10 ATMs per day. Our target is to set up 17 to 18 ATMs per day in the next six months. Furthermore, the number of debit cards has grown fourfold to 200 million in the last three years and the number of transactions on each ATM in India is five times more than those done globally,” says Loney Antony, Managing Director, Prizm Payment.

Share on Twitter
Share on LinkedIn
Share on facebook