ATM firm India's founder takes strategic role amid banktech push

ndial Payments, the largest white-label ATM operator in the country, is undergoing a leadership transition as it pivots towards digital services by launching a banking technology arm to offset sluggish ATM growth in India.

- Mansi Verma

Long-time chief executive K. Srinivas, who built Indial from a startup into a top ATM brand, is stepping away from day-to-day operations. He will continue as executive vice-chairman, steering strategy and regulatory engagement, while "leaving the driving to younger folks," he told Mint.

In a dual-CEO model, Indial's traditional ATM vertical will now be led by Kumara Krishnan, current chief sales and marketing officer, while its new fintech arm, Paysis, has been spun out under Rajeev Desai, the current chief operating officer.

White-label ATM operators are non-bank companies that are authorized by the Reserve Bank of India to set up, own, and operate ATMs.

Indial has been a key player in India's white-label ATM market, operating over 15,000 ATMs across the country. It holds about 40% market share in ATMs and 53% in transactions among white-label operators, said Srinivas.