The company has carved a niche for itself in the technology sector through shared infrastructure

Venture Infotek Learns To Play Its Cards Smartly

Posted: Saturday, Nov 02, 2002 at 0000 hrs IST
Updated: Saturday, Nov 02, 2002 at 0000 hrs IST

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: It was in the early 1990s that industrialists Dhruv Khaitan and Piyush Khaitan thought of expanding their business of selling EDC (electronic data capture) terminals and plastic for cards to several banks. They wanted to get into the business of end-to-end transaction processing, especially in the areas of credit/debit cards, ATMs and smart cards, which they thought to be a promising area. They began talking to the American firm Equifax, which provided such solutions. The two promoters also realised that the best way way to get into this kind of transaction business was through shared infrastructure with banks. Hence, the company Equifax Venture Infotek was established on pay-as-you-use basis roping in several banks. Soon the stake of Equifax was brought over and Venture Infotek began operations in 1996 after being rechristened. Today, it caters to banks, FMCGs (fast moving consumer goods), a large number of b2c portals and loyalty operators.

Girish Rangan, Managing Director, Venture Infotek

The promoters chipped in their contribution and received venture capital funding from Global Internet Ventures, Walden International and Warburg Pincus along with strategic investment from IBM and Visa. “Till date Venture Infotek has received Rs 225 crore ($45 million) as equity investment,” says Girish Rangan, managing director, Mumbai-based Venture Infotek.

One Of Its Kind
The company claims that it is the country’s only consumer processing firm which provides integrated end-to-end card payment processing solutions for both issuing and acquiring banks. According to Mr Rangan, others present in the area provide only piecemeal services. Today, Venture Infotek provides a comprehensive range of services, like end-to-end payment and loyalty processing services, merchant acquiring services, smart card solutions and services, customer interaction centre services and Internet payment services. It has also upgraded its products with changing needs and has transcended from an era of physical payment to virtual e-enabled world. “We are the only third party processor in Southeast...

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