Mumbai, June 14 (IANS) Reliance Venture Asset Management, the private equity arm of the Anil Dhirubhai Ambani Group, said Monday it has invested in Gradatim IT Ventures, a solutions provider to micro-finance institutions, non-banking financial companies and insurers.

"Gradatim, with their breakthrough technology solutions, has been a pioneer in this space and we see immense potential for further growth. The firm is all set to grow exponentially," said Harshal J. Shah, chief executive, Reliance Venture Asset Management.

According to reports, Reliance Venture has invested $7-9 million in this venture.

This is Reliance Ventures' third investment this year and 11th in total, said a company statement.

Its recent investments are in Reverse Logistics Co, a reverse supply chain solutions company, and Tessolve services, a semiconductor test and product engineering firm.

"We view Reliance Ventures as a key partner in our transition into the next phase of growth. We plan to augment our operational capabilities and foray into newer markets such as Africa and East Asia," said C.V. Prakash, founder and chief executive, Gradatim.

To cover the entire spectrum of micro financial services, which includes micro banking, micro insurance, micro payments and micro pensions, Gradatim also plans to strengthen its service offering.