What Sarvatra Technologies does

Sarvatra Technologies is an India-based B2B Application Service Provider delivering integrated payment switching infrastructure and banking platforms to financial institutions. Operating since 2000 from Pune, the company functions as an ASP offering switching services across nine-plus payment rails including UPI, IMPS, AePS, BBPS, EFT, RuPay, and CBDC, alongside a Micro ATM financial-inclusion platform, mobile banking and CardSafe security applications, a Sarvatra Rewards merchant loyalty module, and EMV card manufacturing services. Its Integrated Payments Platform serves as the core architecture, supporting multiple payment and reporting modules that banks can adopt without building switching infrastructure in-house.

The company serves a diverse Indian client base spanning private and public-sector commercial banks (including ICICI Bank), co-operative banks (24 in A.P. and Telangana migrated to RuPay), regional rural banks, payments banks (NSDL Payments Bank), credit societies, and NABARD-supported financial-inclusion programs. Revenue is generated through three streams: software licensing and platform fees, transaction-based switching fees per processed payment, and project-based implementation and professional services. Pricing is quote-based and not publicly disclosed, with multi-year enterprise contracts negotiated directly with bank CTOs, CIOs, and senior leadership. Distribution is exclusively direct enterprise sales; there is no self-serve or consumer channel.

Founded and led by Mandar Agashe (Founder and Managing Director), Sarvatra appears to be privately held and bootstrapped, with no disclosed external funding rounds. The company has accumulated notable milestones including CMMI Level 3 certification (March 2025), an NPCI Special Award, enabling G20 travellers to use UPI in India (February 2023), launching cardless ATM cash withdrawals via UPI (October 2022), and pioneering achievements as India's first sub-member bank on RuPay E-com and first on AePS. Operating geographies are restricted to India.

Name

Sarvatra Technologies

Legal name

Sarvatra Technologies Pvt. Ltd.

Website

https://sarvatra.in

Company type

Private

Founded year

2000

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Sarvatra Technologies is an India-based B2B Application Service Provider delivering integrated payment switching infrastructure and banking platforms across UPI, IMPS, AePS, BBPS, EFT, RuPay, and CBDC rails, serving commercial banks, co-operative banks, regional rural banks, payments banks, and credit societies.

Ownership category

akta.pro rank

Headquarters

HQ city

Pune

HQ country

India

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Technology or R&D, Infrastructure, Operations, Marketing or Sales

Revenue model

1. Software Licensing & Platform Fees: Sarvatra licenses its integrated payments platform, switching services, and financial inclusion solutions to banks and credit societies. Revenue is generated through platform implementation fees and ongoing licensing arrangements with financial institutions.
2. Transaction-based Switching Services: As an ASP (Application Service Provider) offering switching services, Sarvatra generates revenue per transaction processed through its UPI, IMPS, AePS, BBPS, and EFT platforms. Transaction volumes across the installed bank base drive recurring revenue.
3. Implementation & Professional Services: Project-based implementation services for banks deploying Sarvatra's solutions, including UPI platform development for ICICI Bank, NPCI RuPay platform migrations, and financial inclusion platform deployments.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels5 records

Core offering

Sarvatra Technologies is an Application Service Provider (ASP) that builds and licenses an integrated multi-rail payments switching platform to banks and financial institutions across India. Its core offering connects banks to NPCI payment rails including UPI, IMPS, AePS, BBPS, EFT, RuPay, and CBDC, complemented by financial inclusion infrastructure (Micro ATM), mobile banking apps, and EMV card manufacturing services. The company targets commercial banks, cooperative banks, regional rural banks, and credit societies with project-based implementation and recurring transaction/licensing fees.

Product overview

Sarvatra Technologies offers a platform-plus-modules architecture centered on its Integrated Payments Platform as the core infrastructure. The platform includes specialized switching services for various payment networks including CBDC, UPI, AePS, IMPS, BBPS, EFT, and Prepaid, complemented by a Micro ATM – FI Platform for financial inclusion. Supporting mobile applications include the Mobile Banking App and CardSafe Security App. Additional offerings include Sarvatra Rewards for merchant loyalty and Card Manufacturing for card issuance. The company serves Commercial Banks, Co-operative Banks, Rural Regional Banks, and Credit Societies.

Differentiator

Problem solved

Functional benefit

Products and services

• Integrated Payments Platform Core multi-module payments platform supporting a range of compatible payments and reporting modules in a flexible and affordable way, serving as the foundational infrastructure for banking and payment transactions for banks and credit societies.
• CBDC Platform Central Bank Digital Currency platform enabling digital rupee transactions and CBDC-related services for banks.
• UPI Platform Unified Payments Interface platform for real-time bank-to-bank payments and fund transfers, including support for enabling G20 travellers to use UPI in India.
• AePS Platform Aadhaar Enabled Payment System platform for biometric-based financial transactions and financial inclusion services, including India's first sub-member bank on AEPS channel.
• IMPS Platform Immediate Payment Service platform for instant interbank electronic fund transfers.
• BBPS Platform Bharat Bill Payment System platform for consolidated bill payment services across India.
• EFT Platform Electronic Funds Transfer platform for electronic payment processing and settlement.
• Prepaid Platform Prepaid payment solutions platform for issuance and management of prepaid cards and wallets.
• Micro ATM – FI Platform Micro ATM and Financial Inclusion platform extending banking services to semi-urban and rural India through Business Correspondent (BC) networks.
• Mobile Banking App User-friendly mobile-based payment services and banking applications for end customers of banks deploying Sarvatra's platform.
• CardSafe Security App Debit card security application for protecting card transactions and managing card controls.
• Sarvatra Rewards Customer loyalty and rewards solution allowing merchants to serve their customers better, increase footfall, and retain and reward customers.
• Card Manufacturing Card manufacturing services for production of payment cards including EMV cards and RuPay sub-member issuance.

Quantifiable outcome

• Brought all 24 cooperative banks onto NPCI RuPay platform in record time
• +4 more outcomes

Named customers5 records

Segments5 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature9 records

Partnerships

Six partnerships are on record, tiered core and minor.

• National Payments Corporation of India (NPCI)coreTechnology or IntegrationSarvatra is a licensed technology partner providing switching infrastructure that connects banks and financial institutions to NPCI's national payment rails including UPI, IMPS, AePS, BBPS, EFT, RuPay, and CBDC. Sarvatra has achieved multiple pioneering milestones with NPCI platforms, including enabling India's first sub-member on RuPay E-com, first on AePS, and enabling G20 travellers to use UPI.
• NSDL Payments BankcoreTechnology or IntegrationNSDL Payments Bank uses Sarvatra's Financial Inclusion Platform including AePS Switch, Micro ATM Switch, and FI Portal solutions for biometric banking and last-mile financial inclusion services. CTO Ashutosh Shirbhate has publicly endorsed Sarvatra's platform.
• ICICI BankcoreTechnology or IntegrationSarvatra developed and implemented the UPI solution for ICICI Bank, one of India's largest private sector banks. Former Head of Digital Channels Rahul Joshi acknowledged the pace of work and progress tracking in this engagement.
• A.P. & Telangana State Co-operative BankscoreTechnology or IntegrationSarvatra enabled all 24 cooperative banks in Andhra Pradesh and Telangana to join the NPCI RuPay platform in record time. Group CIO Srinivas Muppaneni praised Sarvatra's efforts in this migration project, which also involved EMV card issuance and direct membership migration.
• Capital Small Finance BankcoreTechnology or IntegrationCapital Small Finance Bank, enabled by Sarvatra, became India's first Sub-Member Bank to go live on RuPay E-com, issue EMV cards, and migrate to Direct Membership, for which the bank received an NPCI Special Award.
• NABARD (MRO, Pune)minorStrategic or Co-development PartnerNABARD (Maharashtra Regional Office, Pune) worked with Sarvatra to support financial inclusion initiatives, with Sarvatra's timely support helping Maharashtra issue the largest number of RKCCs (Rural Kisan Credit Cards) in India.

Scale indicators5 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Network People Services Technologies (NPST): NPST is an Indian fintech providing payment switching and processing solutions to banks and financial institutions across UPI, IMPS, AePS, and other NPCI rails. It competes head-to-head with Sarvatra in the same switching-infrastructure niche serving cooperative banks and RRBs.
• M2P Fintech: M2P Fintech provides API-driven payment and banking infrastructure in India, including debit/credit card issuing, UPI, and account-to-account rails. It overlaps with Sarvatra in enabling banks and financial institutions to launch digital payment products quickly.
• Euronet India: Euronet operates EFT switching, prepaid processing, and ATM driving services globally with a significant India presence. It is a direct competitor to Sarvatra's EFT switching and prepaid platform offerings for Indian banks.
• IRIS Payments: IRIS Payments (part of IRIS Software) provides digital payment gateway, switch, and financial inclusion solutions to banks, cooperative banks, and RRBs in India. It directly overlaps with Sarvatra's integrated payments platform and AePS/Micro ATM services.
• BillDesk: BillDesk is one of India's largest bill payment and BBPS-aggregating platforms, processing payments for banks and merchants. It overlaps with Sarvatra's BBPS switching and integrated payments platform for the bank-channel side of bill payments.

Broad incumbents

• FIS (Fidelity National Information Services): FIS is a global provider of banking, payments, and capital-markets technology, offering core banking, card issuing, and payment processing. It competes with Sarvatra in the broader Indian banking-payments technology market, especially for larger commercial banks.
• Fiserv: Fiserv provides merchant acquiring, card issuing, and digital banking platforms globally. Its First Data merchant and issuing infrastructure overlaps with Sarvatra's payment processing and card-manufacturing offerings in the broader market.
• Temenos: Temenos provides core banking and payments software to banks worldwide, including digital onboarding, transaction processing, and payment hubs. It competes with Sarvatra at the platform layer for mid-sized and smaller banks.
• Infosys Finacle: Infosys Finacle is a major Indian banking-platform suite used by large domestic and international banks for core banking, payments, and digital channels. It overlaps with Sarvatra in the Indian banking-tech market, particularly for larger private-sector banks.
• Worldline India: Worldline is a global payment-services provider with an India presence in merchant acquiring and payment processing. Its Indian operations overlap with Sarvatra's EFT switching and merchant payment services at the broader market level.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights6 records

Customer concentration

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Sarvatra Technologies