New Merchant Acquiring Partnership

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Acquiring Bank Relationships which provide widespread and filtered reach to our prospects are the key elements of our strategy in building NeoGrowth. In addition to our existing partnerships with IDBI Bank, Yes Bank, Global Payments and IndusInd Bank, now we have “ICICI Merchant Services (IMS)“, India’s largest merchant acquirer on our side. This development is an important milestone in scaling up our business pace.

IMS represents an alliance formed in 2009 between India’s largest private sector bank, ICICI Bank and First Data a global leader in electronic commerce and payment services. First Data is a majority stakeholder with 81% stake in the alliance, whereas ICICI Bank holds the remaining 19%. The venture brings together global expertise along with forming India’s largest merchant portfolio of 2,50,000 merchants, representing approximately 30% of the current Indian acquiring market. Over time, ICICI Merchant Services expects to deliver an enhanced suite of card acquiring services to new and existing merchants.

Utilising services of this new relationship we at NeoGrowth have disbursed our First Smart Merchant Advance on Wednesday, 18th September 2013 to Hotel Peninsula Grand, which is a part of The Gautam Hospitality Group. This is also one of the largest amounts that we have advanced so far.

Kudos to the efforts led by Shweta Guru, AVP – Product and Strategy on this remarkable achievement. Right from the inception she has owned Bank Partner Relationship with great responsibility. Her work and enthusiasm in this area in Mumbai and now in Delhi has played a key role in bringing us to a point where we can now leverage these relationships in a seamless manner for smooth growth. Additionally she continues to spearhead her other area of work related to Product and Strategy. As a first employee of the company, she has contributed actively in setting up the business cutting across various functions. We look forward to partnering with IMS and leveraging their widespread network.

IDRBT appoints P.Ravindra as an Adjunct Faculty


We are happy to share a ‘pat on the back’ moment with you this month. Mr. P. Ravindra, our Risk, Compliance and Internal Audit Consultant, has been appointed Adjunct Faculty (Professor) at IDRBT (Institute for Development and Research in Banking Technology).

IDRBT is an autonomous premier institute of banking technology in India, established by the Reserve Bank of India in 1996. The Institute spearheads efforts in providing state-of-the-art technology for the Indian banking and financial sector. The institute interfaces research and development, academics, executive education and practice. IDRBT is an associate institution of the University of Hyderabad (A Central University) for undertaking research towards the award of Ph.D. in the areas of Computer Science and Information Technology. The institute also offers an innovative IDRBT Post- Doctoral Fellowship (IPDF) and IDRBT Research Project Scheme (IRPS). The institute, in collaboration with the University of Hyderabad, has been offering the unique M.Tech. Programme in Information Technology (with specialization in Banking Technology and Information Security) since 2001. In 2013, IDRBT signed an MoU with the University at Buffalo, the State University of New York, for collaboration on Research programmes and exchange experiences in the areas of information security, cyber forensics, etc.

Mr. Ravindra, as an Adjunct Professor, will be helping IDRBT realise its vision with his valuable inputs in the areas of ‘Electronic Payment Systems, Risk Management, Compliance and other related areas’ to enable the institute meet its objectives.

Mr. Ravindra has over 35 years of professional experience in Atos Worldline India Pvt. Ltd (Venture Infotek Global Pvt. Ltd.) and Syndicate Bank. An expert of Card based Electronic Payment Systems across Visa, MasterCard, Amex, NPCI – RuPay, covering a vast domain of card issuing programmes of credit card, debit card, pre-paid card, merchant acquiring (pos), online and mobile payments, card personalisation bureau magstripe and chip card. He is also familiar with policies and key initiatives of RBI, IBA, IDRBT, Cyber Cell.

We congratulate Mr Ravindra on this development and look forward to his valuable contribution in shaping NeoGrowth as a preferred choice of customers.

Mr. P.K .Khaitan speaks on Entrepreneurship at SASMIRA


Mr. P,K, Khaitan was invited as Chief Guest on 30th August 2013, at SASMIRA Institute of Management Studies and Research to inaugurate their Entrepreneurship Cell. The Institute has partnered with India’s largest entrepreneurial network, National Entrepreneurship Network (NEN) to form its own “Entrepreneurship Cell”.

SASMIRA Institute of Management Studies & Research closely work with the support of large number of experts from the business world who are associated to teach Management Programmes. Senior executives of multinational companies and eminent business leaders are drawn for conducting workshops, seminars, symposiums and also for extensive discussions on their experience of managing the business. At the ceremony, Mr. P.K. Khaitan in the course of his talk, spoke about “Need of Entrepreneurship in India”, and shared personal experiences and insights of life as an entrepreneur.

The audience included council members of SASMIRA, faculty members, representatives from NEN and 120 Management Students. The audience enjoyed the opportunity to directly interact with Mr. P.K. Khaitan and garner first-hand experience through the open platform.

Moments of Growth and Partnerships

We take pleasure in welcoming Omidyar Networks (ON) ( as an investor into NeoGrowth. ON is a philanthropic investment firm established by eBay founder Pierre Omidyar and his wife Pam. ON seeks to catalyze broad, positive social impact by funding both for -profit companies and nonprofit organization around the world.

The equity infusion now raises the capital base of NeoGrowth and is significant step towards achieving our ambitious growth plan. We also welcome Ms. Dimple Sanghi, Director, Investments at ON to our Board of Directors. Ms. Sanghi joined ON in 2012, she has over 21 years of in-depth knowledge in financial services, including more than 11 years in private equity in India. Most recently, she served as managing director at Everstone Investment Advisors. She earned her law degree from Mumbai University, and is a fellow member (FCA) of the Institute of Chartered Accountants, India.

We value our relationship with ON. We also look forward to building NeoGrowth into an impactful and successful business in the years ahead.