Mobile Payments Startup Triotech Raises $3 Mn From Bluehill

Gurgaon based mobile payments startup, Triotech has raised $3 Mn in Series A round of funding led by Singapore-based venture capital firm Bluehill. The startup further plans to raise another $100 Mn from private equity placements over the next two-three years.

Triotech plans to use the funds raised for expanding the number of post offices where it offers mobile money remittance to 40,000. It currently has its devices in 15,000 post offices from where people can use an app to send money instantly.

Founded in 2009, Triotech Solutions Pvt Ltd is into value-added services, mobile commerce service delivery and software solution development.

The company has recently launched a user-friendly go-to application ‘EASYride’ for people residing in Gurgaon which offers 24×7 list of available conveyance (auto and taxi) in the neighbourhood for commuters in Gurgaon, where they can be picked up from their doorstep. Presently, the application is available for commuters and auto/taxi owners in Gurgaon and will soon be operational in Delhi-NCR and Pan India.

The company has also partnered with Amdocs, a provider of customer experience solutions, to enable State Bank of India to offer mobile financial services to India’s unbanked and under-banked population, using the mobile network of Bharat Sanchar Nigam.