Azim Premji buys Rs. 350-crore stake in Chennai company.

Premji Invest, the family investment office of Wipro boss Azim Premji, has invested Rs 350 crore ($57 million) to acquire a minority stake in payments-processing and technology company Financial Software & Systems (FSS).

Billionaire Premji's investment vehicle, which manages assets worth over $2 billion, has boarded the company which offers payment services of about 100 banks and financial institutions globally. The Chennai-headquartered company powers retail delivery channels such as ATMs, point-of-sale terminals, prepaid cards, mobile and internet for its clients.

Premji and existing private equity investors — NYLIM Jacob Ballas and New Enterprise Associates (NEA) — are pouring money into FSS, which is planning an initial public offering in the next 24 months.

TOI