Hotline: 1800 102 2007
X
Search Business Opportunities
Mar, 31 2018

ICICI Bank, investment unit to buy into Arteria Technologies

The tech company recorded revenue of Rs 17.23 crore for the financial year through March 2017, up from Rs 13.58 crore the year before.

The private-sector lender, ICICI Bank and a unit will pick up a tad less than 20% stake in Arteria Technologies Pvt. Ltd for Rs 8.68 crore ($1.3 million) in cash.

In a stock-exchange filing, it said, the bank and ICICI Investment Management Co. Ltd will invest an equal amount in Bengaluru-based Arteria and buy a 9.99% stake each,. The transaction is likely to be completed by end-June.

The aim of this investment is to promote digital payments and access to digital financing, ICICI Bank said.

Arteria, which was set up in 2007, develops products and solution extensions to work on SAP technology platform. It also provides payment integration services to companies and banks.

The tech company recorded revenue of Rs 17.23 crore for the financial year through March 2017, up from Rs 13.58 crore the year before.

This is ICICI Bank’s second investment in as many months in a digital payments company. In February, the lender had picked up a 9.99% stake in Mumbai-based mobile payments startup Tapits Technologies Pvt. Ltd.

Comment
Related opportunities
  • Quick Service Restaurants
    About: Slanz Café offers a value proposition for the end customer,..
    Locations looking for expansion Karnataka
    Establishment year 2013
    Franchising Launch Date 2018
    Investment size Rs. 10lac - 20lac
    Space required 700
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Bangalore Karnataka
  • About Us: “99 Pancakes” is first and India’s fastest growing business..
    Locations looking for expansion Maharashtra
    Establishment year 2017
    Franchising Launch Date 2017
    Investment size Rs. 20lac - 30lac
    Space required 100
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Mumbai Maharashtra
  • Competitive Exam Coaching Institute
    About Us: Trishul Defence Academy is one of the leading defense..
    Locations looking for expansion Uttar pradesh
    Establishment year 2004
    Franchising Launch Date 2018
    Investment size Rs. 10lac - 20lac
    Space required 1500
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Lucknow Uttar pradesh
  • Juices / Smoothies / Dairy parlors
    About Us: Ministry of Thickshakes is posed to be a leading..
    Locations looking for expansion Andhra pradesh
    Establishment year 2017
    Franchising Launch Date 2017
    Investment size Rs. 20lac - 30lac
    Space required 150
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Shaikpet Andhra pradesh
Insta-Subscribe to
The Franchising World
Magazine
For hassle free instant subscription, just give your number and email id and our customer care agent will get in touch with you
OR Click here to Subscribe Online
Daily Updates
Submit your email address to receive the latest updates on news & host of opportunities