Gravitas Financial Inc. Closes Anchor Investment in India
Jul 27, 2015, 08:00 ET
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TORONTO, July 27, 2015 /CNW/ - Gravitas Financial Inc. (CSE: GFI) ("Gravitas"), is pleased to announce that through its wholly owned subsidiary New India Investment Corp ("NIIC"), it has made a strategic investment into Innoviti Payment Solutions Pvt. Ltd. (formerly known as Innoviti Embedded Solutions Pvt. Ltd.) ("Innoviti"), a fast growing payments solutions company in India. NIIC co-invested with Catamaran Ventures ("Catamaran"), the family office of Mr. Narayana Murthy, co-founder and former CEO of Infosys Ltd., which invests in growing companies in India and overseas.
Innoviti's technology platform facilitates real-time processing and distribution of credit to small and medium enterprises (SMEs). The platform today serves a marquee base of merchants including Reliance, Titan, Indigo, Yatra, Walmart, Sikkim Manipal University and several others. Leading banks such as HDFC, ICICI, Axis, SBI, Standard Chartered, Kotak, Citibank and NBFCs such as Bajaj Finance and others use the platform to distribute loans to customers of these merchants.
"We are very excited to be a part of the growth story Innoviti presents. The payment solutions space in India is a great place to be and has tremendous scope to grow across many fronts. Innoviti is one of the leaders in this space and we were attracted to its robust payments platform." said Vikas Ranjan, President of NIIC.
The investment coincided with the Gravitas Cross Cultural Connections event held on Monday July 20th. This event brought together some of the leading business and political leaders interested in exploring capital market opportunities between India and Canada. Many notable guests attended including the Chief Guest, Mr. Ashish Chauhan, CEO of the Bombay Stock Exchange, which is the largest stock exchange in the world by number of companies. Ashish has received numerous awards including being ranked as the "best CEO in the financial markets in the Asia Pacific by the Asian Banker". Mr. Ranjan opened the event with an introduction to the chief guest and provided insights into New India Investment Corp's future plans and growth potential.
For coverage of the event please see the following link: http://bit.ly/1KpC2HU
Certain statements in this news release constitute "forward-looking" statements. These statements relate to future events or the Company's future performance. All such statements involve substantial known and unknown risks, uncertainties and other factors which may cause the actual results to vary from those expressed or implied by such forward-looking statements. Forward-looking statements involve significant risks and uncertainties, they should not be read as guarantees of future performance or results, and they will not necessarily be accurate indications of whether or not such results will be achieved. Actual results could differ materially from those anticipated due to a number of factors and risks. Although the forward-looking statements contained in this news release are based upon what management believes are reasonable assumptions on the date of this news release, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. The forward looking statements contained in this press release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities regulations.
About New India Investment Corp.
NIIC is a special purpose vehicle created to invest directly in Indian opportunities. NIIC is a 100% subsidiary of Gravitas and its goal is to generate long-term capital appreciation by leveraging our local knowledge and global investment experience. It will seek to make investments in selective companies in India that have a talented management team dedicated to building shareholder value. The longer term goal for the Company is to launch an India focused fund, which will invest in growth stage public and private companies.
About Gravitas Financial Inc.
Gravitas is a diversified financial services and merchant banking firm that has an active presence in fast growing international regions including China, India and the Middle East. Gravitas creates shareholder value through strategic acquisitions of high quality and well-managed financial and capital market services companies. Gravitas leverages the public company platform and enhanced access to capital to grow our business and to provide new and enhanced solutions to our clients.
SOURCE Gravitas Financial Inc.
Video with caption: "Video: Gravitas Financial Inc. Closes Anchor Investment in India". Video available at: http://stream1.newswire.ca/cgi-bin/playback.cgi?file=20150727_C6993_VIDEO_EN_457265.mp4&posterurl=http%3a%2f%2fphotos.newswire.ca%2fimages%2f20150727_C6993_PHOTO_EN_457265.jpg&order=1&jdd=20150727&cnum=C6993
For further information: Vikas Ranjan, 416 605 7024, [email protected]
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