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Small Industries Development Bank of India’s venture capital unit has invested an undisclosed amount in RCI Cash Management Services.
At present RCI provides cash replenishment services covering about 5,000 ATMs, and is planning to expand it to 45,000 ATMs in the next few years.
The founders Sudip Kumar and Pawan Gupta, and some of their family members fully owns the startup.
The investment has been made by SIDBI VC through convertible instruments and the exact stake it would get in the startup will be decided only after a year or two.
