Anand Technologies has opened up its first business in India with a goal of providing online payments to the unbanked.
Anand Technologies Pvt Ltd (ATL) is an e-commerce platform that enables merchants to accept payments from consumers through a mobile application and store them in their own data center.
The company is part of the ABBI group of companies and is working with a network of more than 100 payment providers across the country to build its network.
ATL has partnered with Bharti Airtel for its e-payment platform.ATL’s network offers more than $50 billion in global payments to consumers every day.
In 2018, the company received $13.7 billion in payments from over 200,000 merchants, according to its annual report.
It has raised more than half of its funding through the sale of its Series A round in 2019.
Anand Technology is currently based in Bengaluru and has operations in Singapore, India and Malaysia.
The platform is backed by the Abraco Fund.ATLP is also working on a $5 billion pilot project in India that will see the bank provide e-wallet services to businesses through the Anand Group.
The partnership will see Anand’s banking services provider, BIC, providing banking services to the pilot company.
Bharti and Anand have been working together for the last three years and will share the next stage of their partnership.
The bank will be responsible for ensuring that Anand is integrated with the rest of the payment network in India, said Anand CEO and co-founder Prabhat Nambiar.
The two companies are already working on joint initiatives in the area of e-money, a joint venture between Bhartibhjara BH & Anand and Rishi Bank that will enable merchants to process payments through a blockchain platform, Nambir said.
The company said that Anis blockchain platform will allow merchants to offer their products in a digital format on the platform.
The service will be managed by the platform, which will include a centralised database, a distributed ledger, an exchange, payment gateway, and a platform for consumers to use.
The BH and Anis platform will also include the ability to provide customer data in a centralized database, Namao said.
Anis will also use an internal and third-party service provider to provide a secure e-wallets for customers.