Bangalore: Aavishkaar, a Mumbai based semi-urban and rural venture fund which aims at harnessing the entrepreneurial spirit in rural communities has invested $4 Million in Electronic Payment and Services (EPS) Private Limited, a payment solution company as reported by yourstory.in.

Founded and promoted by Vidya Rani Mani Mamallan in 2011, it raised the first round of funds from Aavishkaar to implement the PSU bank contract for deployment of over 5,500 ATMs in Maharashtra over next two years. EPS engages itself in ATM outsourcing and has an aim to become an end to end payment solution provider.

“EPS aims at creating successful business model to tap huge market opportunity in the payments space and we thank Aavishkaar for supporting us in this dream initiative” said the founder Vidya Rani. Aavishkaar Goodwell II and Aavishkaar II are the two forms of funds through which this investment was made.

Aavishkaar has been in the investment business for over a decade. It focuses on investing in early stage startups which would work towards a social cause. The company has varied investment portfolios which include sectors like agriculture, handicrafts, health and education, rural innovation and technology.

“As an early stage investor, we see EPS as an exemplification of the right ingredients for building a strong company backed by a strong founder team and an extremely interesting space within the managed ATM services space.  We are delighted that two of our funds have collaborated in making this deal come through,” says Vineet Rai, Founder of Aavishkaar.