Sarvatra Technologies

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Sarvatra Technologies
Company type
Revenue
Total equity
Number of employees
  • Increase 411 (2022)
  • 300 (2021)
Websitesarvatra.tech
Footnotes / references
[1][2]

Sarvatra Technologies Private Limited is an Indian

private, and public sector banks in India
.

As of 2020, the company's PaaS model supported 600 banks in India, while the company's electronic funds transfer (EFT) switch had a 54% market share among application service providers in India. The company had a 55% market share in providing banking software to banks in India.

The company's switch was the recipient of a BFSI Innovation Tribe Award from The Economic Times in 2018, and a Best Banking Technology Award from the Internet and Mobile Association of India in 2019.

History

The company was founded on 22 June 2000 by

financial technology companies, EBZ Online and Codito, developing banking software solutions.[3] After securing a loan worth ₹35 million from his father's Suvarna Sahakari Bank in May 2002,[4] the companies launched a point of sale (PoS) terminal called "Sarvatra" through the bank's 12 branches across Maharashtra in July 2003.[5][6] The name Sarvatra Technologies began being used officially by 2004.[7]

In May 2006, the company installed its inaugural "Anywhere Money" point of sale terminal in a bank in

Brihan Maharashtra Sugar Syndicate implemented use of the terminals for their clients. By January 2008, in a report filed by C. Rangarajan, the Reserve Bank of India's governor at the time, Y. V. Reddy and economist Raghuram Rajan, approved plans for the company to install their terminals in banks nationwide,[8][9] becoming the sponsor model used by the National Payments Corporation of India for the National Financial Switch.[10]

Earlier in 2007, Agashe, then serving as Sarvatra Technologies's

I-flex Solutions founder Deepak Ghaisas as a director on Sarvatra Technologies's board of directors in 2002.[12][5]

In 2010, the company became the first

ATMs at a local bank in Pandharpur.[14] By 2014, the company provided core banking services to 104 rural banks in India, and further launched credit and debit cards in partnership with RuPay that same year.[10] Between 2016 and 2018, the company had aided 450 rural cooperative banks across 26 Indian states and union territories to connect to the National Financial Switch.[15]

By 2018, the company had a gross transaction value of ₹400 billion, and had the Enam Group, ICICI Bank, Indian Overseas Bank, and the Oracle Corporation as key shareholders. It also provided banking software to HDFC Bank, ICICI Bank, Axis Bank, and Yes Bank,[15] and through ICICI Bank, to Google and WhatsApp.[16] The company further managed 50% and 30% of the total transaction volume generated on the Unified Payments Interface (UPI) and the Immediate Payment Service (IMPS) platforms respectively.[13] That same year, the company's electronic funds transfer (EFT) switch was the recipient of a BFSI Innovation Tribe Award from The Economic Times.[17] In 2019, the switch further received a Best Banking Technology Award from the Internet and Mobile Association of India, while the company was reported to have a 55% market share in providing banking software to banks in India.[18] The company also issued cards under the Kisan Credit Card scheme.[19] Around this time, it was reported that the company sought funding in private equity for its micro ATMs.[16][20]

In March 2020, the company employed a

credit unions towards India's under-banked rural population as per World Bank estimates.[25] By December of that year, the company had connected 50 urban cooperative banks to its UPI platform.[26]

In 2023, the company announced its collaboration with ICICI Bank,

rewards program app with British company Enigmatic Smile, with MS Dhoni as their brand ambassador.[29]

Products and services

Sarvatra EFT Switch

In 2010, the company's

Platform as a Service (PaaS) product on the RuPay, Bharat Bill Pay, and Kisan Credit Card network.[13][30]

After recommendations from the National Payments Corporation of India, the Sarvatra EFT Switch was offered as a

ecommerce platforms. By 2018, the Sarvatra EFT Switch was present in banks across 23 Indian states and 3 union territories, and managed 50% of the total national transactions generated on the Unified Payments Interface (UPI),[15] and 30% of the total national transactions generated on the Immediate Payment Service (IMPS) in India.[13]

The Sarvatra EFT Switch was the recipient of a BFSI Innovation Tribe Award from The Economic Times in 2018,[17] and a Best Banking Technology Award from the Internet and Mobile Association of India in 2019.[18] And by 2020, the switch had become a plug and play service offered to banks. During the COVID-19 pandemic, the switch's use in Sarvatra Technologies' micro ATMs and ATM vans aided the company's client banks to provide doorstep cash delivery services to under-banked rural areas of India that were cash-dominant economies.[23][25]

Sarvatra Rewards App

In February 2024, the company launched the Sarvatra Rewards App, a

M. S. Dhoni, was announced as the app's brand ambassador.[31][32]

Growth

The company has reportedly raised

funding rounds, as of September 2021. Razorpay, Pine Labs, Stripe, and BillDesk were listed as its competitors.[33]

Funding history[33]
Date Funding type Money raised Lead investor Valuation
7 September 2011
Series A
 — ICICI Bank —
28 June 2014
Series A
US$
3.18M 		Vallabh Bhanshali —
2 September 2016
Series A
US$
1.54M 		Brihans Natural Products —
22 September 2021
Angel investment
US$
2.71M 		Vallabh Bhanshali
US$
22.6M

See also

References

  1. ^ a b "Sarvatra Technologies Private Limited Company Profile". The Economic Times. Retrieved 14 March 2023.
  2. ^ "Sarvatra Technologies Private Limited". Zauba Corp. 11 August 2022. Retrieved 5 March 2023.
  3. ^ Company News and Notes. Vol. 37. Ministry of Commerce & Industry. July 2000. p. 46. Retrieved 3 March 2023 – via University of California, Berkeley.
  4. ^ "Sarvatra Technologies Private Limited". The Company Check. Retrieved 3 March 2023.
  5. ^
    TNN
    . 25 July 2003. Retrieved 3 March 2023.
  6. ^ "Pune co-op bank installs ebz Online's software". Business Line. Pune. The Hindu. 26 July 2003. Archived from the original on 9 September 2003. Retrieved 3 March 2023.
  7. ^
    OCLC 4525594. Retrieved 16 February 2024 – via University of Virginia
    .
  8. ^ "'एनी व्हेअर मनी' योजना देशभर राबविण्याची शिफारस : गडाख" [Recommendation to implement 'Anywhere Money' scheme across the country: Gadakh]. Pudhari (in Marathi). Nagar. 18 August 2008.
  9. ^ "'एनी व्हेअर मनी' योजना देशभर राबविण्याची शिफारस" ['Anywhere Money' Scheme should be implemented nationwide]. Loksatta (in Marathi). Nagar. 18 August 2008.
  10. ^ a b Sarvatra Technologies Exceeds Growth Targets (Report). Maharashtra: Centre for the Study of Financial Innovation. 18 July 2014.
  11. The Hindustan Times. New Delhi – via Nicolaus Copernicus University in Toruń
    .
  12. ^ "i-flex Solutions targets co-op banksnews". The Hindu. 11 January 2002.
  13. ^
    Moneycontrol
    . 29 March 2019. Retrieved 3 March 2023.
  14. ^ "पंढरपूर अर्बन बँक बहुराष्ट्रीयप्रमाणे सेवा देणार" [Pandharpur Urban Bank will provide services like a multinational]. Sakal (in Marathi). Pandharpur. 28 July 2011.
  15. ^ a b c Maru, Pankaj (17 August 2018). "Sarvatra Technologies brings 450th co-operative bank on National Financial Switch". TechHerald.in. New Delhi. Retrieved 3 March 2023.
  16. ^
    Businessline. PTI
    . 2 December 2018. Retrieved 3 March 2023.
  17. ^ a b "The Economic Times BFSI Innovation Tribe 2018 – The 2nd Edition Economic Times Iconic Brands of India 2018". The Economic Times. Retrieved 3 March 2023.
  18. ^ a b "Sarvatra Technologies accredited as Best Banking Technology provider". United News of India. Mumbai. 25 January 2019. Retrieved 3 March 2023.
  19. ^ ""Sarvatra provided the entire infrastructure required for a bank to centralize its system" – By, Mr. Mandar Agashe, Sarvatra Technologies – leading Banking and Payments solutions provider". Technuter. 19 February 2019. Retrieved 3 March 2023.
  20. ^ Sangani, Priyanka (15 January 2019). "Sarvatra Technologies seeks funding for microATM network". The Economic Times. Retrieved 3 March 2023.
  21. ^ Rebello, Maleeva (30 March 2020). "Mandar Agashe says he'll consider making 50 per cent of his team work remotely post-lockdown". The Economic Times. Retrieved 3 March 2023.
  22. ^ "Sarvatra Tech logs over 3-fold jump in Aadhar-enabled transactions in rural India amid lockdown". Business Insider. New Delhi. PTI. 29 April 2020. Retrieved 3 March 2023.
  23. ^ a b "Sarvatra Technologies offers door-step cash delivery in rural India; witnesses 353% rise in Aadhaar withdrawals". Express Computer. 28 April 2020. Retrieved 5 March 2023.
  24. ^ Mohan, Raghu (7 May 2020). "We help banks stay on the grid: Sarvatra Technologies' Mandar Agashe". Business Standard. Retrieved 5 March 2023.
  25. ^ a b "Indian FinTech Creates Inclusive Services For Rural Underbanked". PYMNTS.com. 2 November 2020. Retrieved 5 March 2023.
  26. ^ "Sarvatra on-boards 50 co-operative banks on UPI platform". The Hindu. New Delhi. 3 December 2020. Retrieved 3 March 2023.
  27. Livemint. New Delhi
    . 28 February 2023. Retrieved 3 March 2023.
  28. ^ Monteiro, Leandra (28 February 2023). "Sarvatra Technologies enables G20 travellers to use UPI". IBS Intelligence. Retrieved 3 March 2023.
  29. ^ "Ex cricket captain Dhoni stresses on loyalty". The Legitimate. UNI. 12 February 2024. Retrieved 8 March 2024.
  30. ^ "Sarvatra Tech helping co-op banks to catch up with digital revolution". The Bridge Chronicle. Pune. 19 August 2018. Retrieved 6 March 2023.
  31. ^ "Single.id Addresses 'Rewards Payment' Challenges for Retailers, Partnering with Some of the Biggest Retail and Financial Partners". The Times of Bengal. 12 February 2024. Retrieved 12 February 2024.
  32. ^ Bhubalan, M. (11 February 2024). "Dhoni: "நம்பர் 7 எனக்குப் பிடித்த எண்; காரணம் இதுதான்" -தோனியின் கலகல பதில்". Ananda Vikatan (in Tamil). Retrieved 12 February 2024.
  33. ^ a b "Sarvatra: Cloud-based software solutions for banks". Tracxn.com. Retrieved 6 March 2023.

External links

Retrieved from "https://en.wikipedia.org/w/index.php?title=Sarvatra_Technologies&oldid=1213229745"