Posted on December 22, 2015
RCI Cash Management Services Private Limited, a leading player in the cash management services industry has received Series A funding from SIDBI Venture Capital’s India Opportunities Fund. Intellecap was the exclusive advisor to RCI Cash Management on this transaction.
Founded in 2012 by payment services industry veteran Sudip Kumar and surface transportation specialist Pawan Gupta, RCI Cash Management works with leading banks and ATM managed service providers to provide cash replenishment services for banks and white label ATM networks. The Mumbai based company currently has operations in fifteen states across the country. The funds will be used to strengthen its presence in its current operations in cash replenishment services and enable it to enter the cash delivery and pickup (CDP) segment and cash-in transit (CIT) business for banks as well as large and medium corporate customers.
“We are glad to welcome SIDBI VC onboard as a partner for the future growth of RCI Cash Management Services. We have grown rapidly to a size of more than 5,000 ATMs in a matter of two and a half years and we are confident that we will continue to scale at this level given our differentiated offering to our customers which enable them to maintain greater control and increased operational efficiency over their ATM network,” said Sudip Kumar, Director at RCI Cash Management Services Private Limited.
“We are happy to join the journey of RCI Cash Management Services as a transformational player in the cash management and ATM industry. We are impressed by the credentials and experience of the managing team and the way the Company is utilizing technology in its operations to enhance efficiency and pass on these efficiency benefits to their customers,” said A. P. Sarma, MD & CEO, SIDBI Venture Capital.
“With a cash-GDP ratio of 12%, India is still pre-dominantly a cash-driven economy. This, along with the continuous growth of the retail segment, especially the emerging option of cash on delivery is driving the growth in cash replenishment at ATMs, and the cash delivery and pick-up market for companies like RCI Cash Management Services,” said Meenal Dutia, Vice President, Investment Banking at Intellecap. “The space has evinced strong interest from both financial as well as strategic investors and recent deals have spanned both mature and growth stage businesses,” she adds.
Intellecap acted as the exclusive advisor to RCI Cash Management Services for the transaction.
Other recent deals concluded by Intellecap include Responsibility and Infuse Venture’s investment in Green India Building Systems and Services (GIBSS), Tano Capital’s investment in Arohan Financial Services and Developing World Market’s investment in Suryoday Micro Finance.