Background: 

ABOUT:

India1 Payments LTD (formerly BTI Payments Pvt. Ltd.) is the 2nd largest Semi Urban and Rural (SURU) ATM brand. After successfully establishing the ATM business they launched the micro-ATM business.

PRIVATE EQUITY BACKED:

India1 Payments Ltd is promoted by The Banktech Group PTY LTD & BTI Payments Singapore PTE LTD and was incorporated in the year 2006 and subsequently invested by India Advantage Fund S3 I, a fund managed by ICICI Venture Funds Management Company Limited in 2013.

PRESENCE:

• Presence in 13 States + 1 UT; in 4000+ Towns, Deployed 1689 ATMs in year 2020 and have already rolled out 1190 New ATM in year 2021 (Jan-Jun-21)
• 85% of WLAOs deployed in Semi Urban and Rural India providing cash access to the Bank Dark Area

• d by RBI and 2 SBI Nominee Directors.

IPO

BTI Payments is filing for an IPO and wanted to get their board in order with respect to expanding the current board composition and their compensation structure and hence Hunt Partners was awarded the mandate in July 2021.

How was the Search Undertaken

• In this journey to reconstitute the board, BTI Payment were looking to onboard a Chairman, 3 Independent Director (Digital and Audit background required) including a woman ID. Hunt Partners was mandated the search in July 2021.
• It was not a usual ID search. It came with its unique challenges which included crunched timelines as they had a deadline for DRHP filing and had to appoint/induct the IDs prior to that.
• There were conflicts such as not looking at certain Bank Boards , Audit firms, etc. Hence, narrowing down the sourcing pool for Hunt Partners to identify the required talent.
• Looking for candidates who can fit both the bills . E.g Woman ID with an Audit background.
• On September 01, 2021, BTI Payments announced appointments of R. Subramaniakumar as Chairman and Amrita Gangotra, Natrajan Ramkrishna & Ruchita Taneja Aggarwal as Independent Directors.

About the Directors Appointed:

• Subramaniakumar – Subramaniakumar  is a veteran banker with more than 30 years of widespread experience. He is a certified associate member of the Indian Institute of Bankers. He holds the designations of certified information systems auditor and certified information security manager issued by the Information Systems Audit and Control Association (ISACA), USA.

• Amrita Gangotra – Amrita possess 30 years of experience of having worked with Telecom, FMCG and IT companies. She is a proven force in the space of Telecommunications and IT services. She was previously associated with Nestle India Limited, HCL Comnet Systems and Services, Bharti Airtel Limited in India and has worked with Vodafone, Hungary and Vodafone, UK.
• Natrajan Ramkrishna – Natrajan comes with over 30 years experience in Auditing. He is also an associate member of the Institute of Chartered Accountants of India. He was previously associated as a partner with Price Waterhouse LLP, BSR & Co. LLP, KPMG Assurance and Consulting Services LLP, SR Batliboi & Associates LLP, SR Batliboi & Co. LLP and SRBC & Co LLP.
• Ruchita Taneja Aggarwal – Ruchita is currently associated with Google India Private Limited as the Head of New Business Sales. She was previously associated with Citibank NA India, Citicorp Investment Bank (Singapore) Limited, One97 Communications Limited and Clix Capital Services Private Limited.