Sarvatra Technologies
An Indian fintech and banking-technology company that supplies cloud-based banking infrastructure, payment switching, and digital financial services to cooperative banks and smaller financial institutions.
Last updated November 4, 2026
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Overview
Sarvatra Technologies Private Limited is an Indian financial-technology company headquartered in Pune, Maharashtra. Its business is focused on providing banking software, payment infrastructure, and cloud-based services to cooperative banks, rural banks, credit unions, and other smaller financial institutions that may lack the resources to build and maintain large proprietary technology systems. The company’s technology has supported core banking, electronic funds transfers, payment cards, ATMs, micro ATMs, UPI, IMPS, Bharat Bill Payment System, and other digital-banking functions. The company was founded on 22 June 2000 by Mandar Agashe. In its early years, it worked alongside Agashe’s other technology ventures, EBZ Online and Codito, to develop banking software. A loan from Suvarna Sahakari Bank in 2002 helped finance the development of a point-of-sale terminal. The resulting Sarvatra terminal was introduced through the bank’s branches in Maharashtra in 2003, and the Sarvatra Technologies name was adopted officially in 2004. A major early expansion came through the company’s Anywhere Money point-of-sale terminal. A pilot installation was deployed in Ahmednagar in 2006 in connection with a Government of Maharashtra project. The system was intended to extend basic banking and payment access beyond conventional branches, particularly for rural communities, farmers, artisans, traders, and customers of cooperative institutions. The company subsequently worked with organizations including Bharat Sanchar Nigam Limited and sugar factories to support payments and financial access for their users. Sarvatra’s strategy increasingly centered on shared infrastructure. In 2007, its operations were merged with those of EBZ Online and Codito, while the company also pursued cooperation involving Oracle technology to bring banking systems to rural India. Its payment-switching platform later became significant in connecting cooperative institutions to India’s national payments infrastructure. In 2010, Sarvatra became the first application-service provider reported to have connected directly to the National Financial Switch. This enabled participating banks to offer card and electronic-payment services without independently building equivalent switching infrastructure. The company’s core offering evolved into a platform-as-a-service model. Its Sarvatra EFT Switch supports electronic funds transfers using ISO 8583 standards and has been positioned for use across RuPay, Bharat Bill Pay, and Kisan Credit Card networks. The platform also incorporates security and compliance-oriented infrastructure, including PCI DSS and ISO/IEC 27001-related capabilities as described in reference material. By 2014, the company was providing core-banking services to more than one hundred rural banks. Between 2016 and 2018, it helped hundreds of rural cooperative banks in Indian states and union territories connect to the National Financial Switch. Sarvatra’s infrastructure has also been used by larger banks and payment companies. Reference material identifies HDFC Bank, ICICI Bank, Axis Bank, Yes Bank, IDBI Bank, Punjab National Bank, Bank of Maharashtra, Paytm Payments Bank, Equitas Small Finance Bank, Jana Small Finance Bank, Google Pay, and WhatsApp-related services among organizations connected with its banking or payment activity. The company has reported substantial transaction volumes on UPI and IMPS, although such figures should be interpreted as company-reported or secondary-source estimates rather than independently audited market statistics. During the COVID-19 pandemic, Sarvatra expanded the use of micro ATMs and ATM vans to help customers in rural and under-banked areas access cash when branch access was constrained. It also adopted remote working in 2020. The company reported increased Aadhaar-enabled cash withdrawals during the lockdown period, reflecting the continued importance of assisted and cash-based financial services in rural India. In 2023, Sarvatra collaborated with ICICI Bank, IDFC First Bank, and Pine Labs on payment support for international visitors to the G20 summit in India. The initiative involved UPI-enabled mobile payment wallets at airports in Delhi, Mumbai, and Bengaluru. In February 2024, Sarvatra introduced the Sarvatra Rewards App with United Kingdom-based Enigmatic Smile. The app links loyalty rewards with UPI and RuPay transactions for customers of participating banks, and former Indian cricket captain M. S. Dhoni was announced as its brand ambassador. By 2024, the company’s platform-as-a-service product was reported to operate in approximately 600 banks across India, and the company was reported to hold a 55 percent share of the Indian banking-software market. These figures are source-dependent and are not equivalent to audited financial or regulatory market-share data. Sarvatra remains a privately held provider of financial infrastructure whose principal positioning is enabling smaller banks to participate in national digital-payment networks through shared, managed technology rather than through costly in-house development.
History
Sarvatra Technologies was established on 22 June 2000 in Pune by Mandar Agashe. The company initially operated in association with EBZ Online and Codito, two other financial-technology ventures connected with Agashe, and concentrated on software for banking and payment operations. In May 2002, a loan of ₹35 million from Suvarna Sahakari Bank helped finance the development of a point-of-sale terminal. The product, known as Sarvatra, was deployed through twelve branches of the bank in Maharashtra in July 2003. The company adopted the Sarvatra Technologies name formally in 2004. The business’s early differentiation was its attempt to bring electronic transaction capability to customers outside traditional bank branches. In May 2006, Sarvatra installed its first Anywhere Money point-of-sale terminal at a bank in Ahmednagar as a proof of concept for the Government of Maharashtra. The project was inaugurated by Sharad Pawar, then Union Minister of Agriculture. Local political figures promoted the system for use by schools, farmers, artisans, traders, and other communities. Bharat Sanchar Nigam Limited and sugar-processing organizations in Maharashtra were among the reported users or implementing partners. In 2007, Sarvatra’s operations were merged with EBZ Online and Codito. During this period, the company also pursued a relationship involving Oracle and rural-banking technology. Deepak Ghaisas, associated with the founding of i-flex Solutions, joined Sarvatra’s board as a director in 2002. By January 2008, reports connected the company’s terminal model with recommendations and approvals concerning national deployment of banking terminals. The system was also recognized by organizations including the National Bank for Agriculture and Rural Development and the German development agency GIZ as a lower-cost approach to extending core-banking and payment services. A decisive technical milestone occurred in 2010, when Sarvatra’s ISO 8583-compliant electronic funds transfer switch became the first switch supplied by an application-service provider to receive permission to connect directly to the National Financial Switch. This was important for cooperative banks, many of which lacked the capital and technical infrastructure to connect independently to national payment and settlement systems. The switch allowed participating institutions to offer card and electronic transactions through shared infrastructure. In 2011, the company installed point-of-sale ATMs at a bank in Pandharpur. Sarvatra expanded its rural-banking footprint during the 2010s. By 2014, it was providing core-banking services to 104 rural banks and had launched debit and credit cards in partnership with RuPay. From 2016 to 2018, the company helped approximately 450 rural cooperative banks across 26 Indian states and union territories connect to the National Financial Switch. During the same period, the company’s technology was used by large banks and other payment businesses, including HDFC Bank, ICICI Bank, Axis Bank, and Yes Bank. Reference material also associates the company’s infrastructure with services involving Google and WhatsApp through ICICI Bank. By 2018, Sarvatra was reported to have processed gross transaction value of ₹400 billion and to have shareholders or strategic stakeholders including the Enam Group, ICICI Bank, Indian Overseas Bank, and Oracle. It was also reported to handle significant portions of UPI and IMPS transaction volumes. The company’s electronic funds transfer switch received a BFSI Innovation Tribe Award from The Economic Times in 2018, followed by a Best Banking Technology Award from the Internet and Mobile Association of India in 2019. Around 2019, it was reported to have a 55 percent share of banking software supplied to Indian banks and to have issued cards under the Kisan Credit Card scheme. It also reportedly explored private-equity funding for its micro-ATM activities. The COVID-19 period highlighted the company’s role in assisted digital finance. In March 2020, Sarvatra introduced remote working, with its managing director stating that the arrangement could continue after the pandemic. In April, the company reported a substantial increase in Aadhaar-enabled cash withdrawals in rural areas across UPI, IMPS, ATM, and point-of-sale channels. It used micro ATMs and ATM vans to help deliver cash and banking access to communities affected by lockdown restrictions. In November 2020, a sponsorship arrangement with Central Bank of India was reported as a way to build digital-payment infrastructure for small rural banks and credit unions. By December, Sarvatra had reportedly connected fifty urban cooperative banks to its UPI platform. In 2023, Sarvatra participated in an initiative with ICICI Bank, IDFC First Bank, and Pine Labs to provide UPI-enabled wallets to foreign travelers attending the G20 New Delhi summit. The wallets were made available at airports in Delhi, Mumbai, and Bengaluru. In February 2024, Sarvatra launched the Sarvatra Rewards App with Enigmatic Smile, linking loyalty rewards with UPI and RuPay card transactions for customers of participating banks in Indian states and union territories. M. S. Dhoni was named the application’s brand ambassador. By 2024, Sarvatra’s platform-as-a-service infrastructure was reported to be installed in approximately 600 banks in India. Later reference material described the company as generating revenue of US$19.6 million in 2025 and as contributing to Pune’s technology-industry profile, but these figures require verification against a directly accessible financial source. A 2025 financial-literacy event involving the women’s division of the Federation of Indian Chambers of Commerce & Industry and a 2026 Stevie Award are likewise retained only as reported reference claims and should be independently checked before being treated as established corporate milestones.
- 2024
Sarvatra Rewards App launched
[1]Sarvatra introduced a UPI- and RuPay-linked loyalty application developed with Enigmatic Smile, with M. S. Dhoni as ambassador.
- 2023
UPI wallet support for G20 visitors
[1]The company collaborated with banks and Pine Labs to provide UPI-enabled wallets at major Indian airports for foreign visitors to the G20 summit.
- 2020
Pandemic-era assisted banking deployment
[1]Sarvatra deployed micro ATMs and ATM vans and reported increased rural Aadhaar-enabled cash withdrawals during COVID-19 restrictions.
- 2019
Banking technology award and reported market-share lead
[1]Sarvatra’s switch received a Best Banking Technology Award, while the company was reported to hold a 55 percent share of banking software supplied to Indian banks.
- 2018
Large-scale payment infrastructure growth
[1]The company was reported to have processed ₹400 billion in gross transaction value and received a BFSI Innovation Tribe Award for its EFT switch.
- 2014
Rural-bank and RuPay expansion
[1]Sarvatra was serving 104 rural banks and introduced RuPay-linked debit and credit cards.
- 2010
Direct National Financial Switch connection
[1]Sarvatra EFT Switch became the first application-service-provider switch reported to connect directly to India’s National Financial Switch.
- 2007
Operations consolidated with EBZ Online and Codito
[1]The company merged its operations with the related technology businesses EBZ Online and Codito and pursued cooperation involving Oracle.
- 2006
Anywhere Money pilot deployed
[1]Sarvatra installed its first Anywhere Money terminal in Ahmednagar as a Government of Maharashtra proof of concept.
- 2004
Sarvatra Technologies name adopted
[1]The business began using Sarvatra Technologies as its official name.
Products and positioning
A shared banking-infrastructure and payment-technology provider for cooperative, rural, and smaller financial institutions in India. Sarvatra emphasizes managed, interoperable, and comparatively affordable access to national payment networks and digital-banking capabilities.
Payment switching and banking infrastructure · 2010
Sarvatra EFT Switch
Sarvatra EFT Switch is an ISO 8583-based electronic-funds-transfer platform that connects participating banks to payment and card networks. It was offered as a managed platform-as-a-service product for cooperative and rural banks, allowing them to use National Financial Switch connectivity and support RuPay, Bharat Bill Pay, and Kisan Credit Card transactions without independently building a full switching environment. The service was later described as a plug-and-play solution and was used alongside Sarvatra’s micro ATMs and ATM vans.
Point-of-sale and assisted banking · 2006
Anywhere Money
Anywhere Money was Sarvatra’s early point-of-sale terminal initiative, designed to extend banking and payment access outside conventional branches. Its first reported proof-of-concept installation took place in Ahmednagar in 2006 under a Government of Maharashtra project. The system was promoted for use by rural communities and was subsequently associated with organizations such as telecom and sugar-processing businesses.
Cloud banking software
Sarvatra platform as a service
Sarvatra’s platform-as-a-service offering provides shared banking and payment capabilities to smaller financial institutions. The platform supports functions such as core banking, digital channels, UPI and IMPS connectivity, card services, and payment processing. Its value proposition is to let cooperative and rural banks use nationally interoperable infrastructure through a managed service rather than fund and operate equivalent systems internally.
Digital loyalty and payments application · 2024
Sarvatra Rewards App
The Sarvatra Rewards App is a payment-linked loyalty application launched in February 2024 with Enigmatic Smile. It was designed for customers of participating Sarvatra-connected banks and links rewards activity with UPI transactions and RuPay credit and debit cards. The application was announced for users across 27 Indian states and three union territories, with M. S. Dhoni presented as its brand ambassador.
Cash access infrastructure
Micro ATMs and ATM vans
Sarvatra’s micro-ATM and mobile ATM network provides assisted cash access for customers in areas with limited branch or conventional ATM coverage. During the COVID-19 lockdown, the company used these channels and ATM vans to support doorstep or near-doorstep cash delivery for rural communities and customers of participating banks.
Marketing campaigns
- 2025Digital and financial literacy event with FLO
India
Reference material reports that Sarvatra co-hosted an event with FLO, the women's division of the Federation of Indian Chambers of Commerce & Industry, focused on digital and financial literacy for women in technology.
- 2024Sarvatra Rewards App launch campaign
India
Sarvatra launched its payment-linked rewards application with Enigmatic Smile and used M. S. Dhoni as brand ambassador. The program targeted customers of banks using Sarvatra’s payment infrastructure.
Outcome. The app was announced for customers in 27 states and three union territories. No verified user or revenue figures are provided.
- 2023G20 visitor UPI wallet initiative
India
Sarvatra worked with ICICI Bank, IDFC First Bank, and Pine Labs to support UPI-enabled mobile payment wallets for foreign travelers attending the G20 New Delhi summit. The wallets were made available at airports in New Delhi, Mumbai, and Bengaluru.
Outcome. The initiative extended access to India's digital-payment ecosystem for visiting travelers, although independently measured adoption results are not stated in the reference material.
Brand decisions
2024
Launched the Sarvatra Rewards AppProduct launchBackground
Sarvatra sought to add consumer-facing engagement services to its bank infrastructure and payment-network relationships.
Action taken
The company introduced a UPI- and RuPay-linked rewards application with Enigmatic Smile and appointed M. S. Dhoni as brand ambassador.
Aftermath
The app expanded Sarvatra’s offering beyond back-end banking infrastructure into loyalty and customer-engagement services.
2020
Expanded assisted banking during the COVID-19 lockdownStrategyBackground
Lockdowns restricted access to branches and conventional banking points, particularly affecting rural and cash-dependent communities.
Action taken
Sarvatra expanded micro-ATM and ATM-van operations and supported cash access through UPI, IMPS, ATM, and point-of-sale channels.
Aftermath
The company reported a sharp increase in Aadhaar-enabled rural cash withdrawals and continued to promote managed digital and assisted banking infrastructure.
2020
Moved employees to remote workStrategyBackground
The COVID-19 pandemic created operational and workplace restrictions in India.
Action taken
Sarvatra adopted a work-from-home operating model, with Mandar Agashe indicating that the arrangement could continue after the pandemic.
Aftermath
The change allowed the company to continue operating while its payment infrastructure remained in use during the disruption.
2010
Adopted direct national payment-switch connectivityStrategyBackground
Many cooperative and rural banks lacked the infrastructure and financing needed to participate directly in India's real-time payment and settlement environment.
Action taken
Sarvatra obtained permission for its application-service-provider EFT switch to connect directly to the National Financial Switch and offered the resulting capability as shared infrastructure.
Aftermath
The move helped position Sarvatra as an infrastructure provider for cooperative and rural banks and became a foundation for its later platform-as-a-service model.
Sources1 sources
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