Anish Williams, Co-founder & CEO, TranServ, said, “Investors are keenly monitoring the latest developments in the fin-tech space and are constantly on the lookout for promising ventures to partner with. At TranServ, we have built a payments business that consistently focuses on delivering the best payment experiences and our overall product strategy has worked well for us. “
Mumbai-based TranServ, a leading digital payments company has raised about $15 million(Rs 100 Crore) in its third round of funding. The round was led by IDFC Spice Fund and Micromax Informatics. Returning investors Nirvana and Faering Capital India also participated. Prior to its series C round, the digital payments venture had raised about $5 million.
TranServ plans to use the fresh capital to enhance its technology platform, expand its recently launched wallet service Udio and launch new products.Apart from its wallet business, the firm acts as a prepaid payments solution provider. It has been managing projects with regards to government grant disbursements besides payments in insurance and other sectors like dairy.
TranServ processes more than Rs 100 crore in transaction value a month from its API solutions for partners, he said. The Udio mobile wallet app, API solutions and other payment products combined have seen transactions grow four-fold in the past year and the company aims to outdo that with six-fold growth in the coming year.
The investment is the first for Micromax in the fiscal year that began this month. Last year, it earmarked $400 million to be invested into start-ups whose services will be integrated into the company’s smartphones.