City-based payment technology leader Financial Software & Systems (P) Ltd. (FSS) plans to deploy the Rs.350 crore funding from Premji Invest in strengthening its product portfolio, said a top company official.
FSS would also consolidate its postion in the hosted services and grow in new areas like white label ATMs, fraud and risk management.
“We will be closing this fiscal with a revenue of around Rs.850 crore from around Rs.620 crore posted last year. We will be investing the funds raised from Premji Invest in growing the business. We hope to be a billion-dollar revenue company by 2020,” Nagaraj V. Mylandla, managing director, told IANS Monday.
He was speaking to IANS on the sidelines of an event held by TiE Chennai – an organisation that fosters entrepreneurship.
Premji Invest is the family investment office of Azim Premji, chairman, Wipro Enterprises.
The investment by Premji Invest involves a combination of primary funding into the company and secondary funding through purchase from existing shareholders, with significant portion being primary in nature, FSS said.
According to Mylandla, the company would also look at setting up white label automatic teller machine (ATM) network.
The fresh round of funding will be used fo fuel innovations in digital payments for electronic and mobile commerce industry, financial inclusion and other lines of business the company is operating in.
This is the fourth round of funding closed by FSS.
The company had earlier raised two rounds of equity infusion from global private equity fund Carlyle and subsequently another round from NEA and NYLIM Jacob Ballas.
The company had provided an exit to Carlyle during the third round of funding.
Planning to go public in two years’ time, FSS plans to invest Rs.1,000 crore over the next three-year period.
(IANS)