TranServ Secures Series C Investment of $15M from IDFC, Micromax, Nirvana and Faering Capital
TranServ, a leading digital payments company, has closed an investment of $15 million. The Series C fundin ground is being led by IDFC SPICE Fund, a domestic venture capital fund managed by IDFC Asset Management Company and Micromax Informatics, one of India’s top consumer electronics companies along with existing investors Nirvana and Faering Capital India Evolving Fund. TranServ spearheads the rising breed of ventures who are focused on building a sustainable business with a focus on profitability.
The company is looking to utilize the fresh capital towards accelerating business growth and investing in new product lines including micro credit. The company will continue enhancing the Udio product suite including the android / iOS apps for consumers and its rich API stack for business partners. The recently announced partnership with Micromax will help completely redefine mobile payments for Micromax users and help TranServ reach brand new customer segments across the country.
In addition to pioneering social payments for individuals, several large businesses are using TranServ’s platform via API’s to deliver appealing end-consumer payments services. TranServ has also recently forayed into the corporate space through its small value employee payments delivered through the Udio app and is looking to capture 35% of the market by the end of the current fiscal.
“At TranServ, we are building a payments business that will be very different from others. Post this round of funding, we will be exploring growth opportunities through both organic & inorganic modes.” concludes Anish Williams, CEO of TranServ.
