Mumbai-based digital payments company, Transerv, has raised $15 Mn in Series C funding led by IDFC SPICE Fund, a domestic venture capital fund managed by IDFC Asset Management Company and Micromax Informatics.
Besides, its existing investors Nirvana and Faering Capital India Evolving Fund also participated in this round.
Started in 2011 by Anish Williams, TranServ is a fintech company focused on delivering the best payment experiences for individuals and business partners. The company also offers Udio wallet, which is a platform for P2P transactions.
Anish Williams, co-founder & CEO of TranServ said that the investors are keenly monitoring the latest developments in the fintech space and are constantly on a lookout for promising ventures to partner with.
It recently opened up its API solutions for several large businesses to deliver end consumer payments services, and claims to have already been processing over $15 Mn (INR 100 Cr.) per month within that product category.
Anish added, “Through a combination of the UDIO App, our API Solutions and other payment products, we have seen transactions grow at 300% in the past year and the goal for this fiscal is to continue growing at between 300 to 500% per annum while maintaining unit economics.”
The startup will utilise the newly raised capital towards accelerating business growth and investing in new product lines including microcredit. It also plans to enhance the Udio product suite including the android/iOS apps for consumers and its rich API stack for business partners.
Prior to this, in 2014, TranServ had raised an undisclosed amount of series B funding from Nirvana Venture Advisors and Faering Capital. TranServ had also entered into a strategic partnership with Micromax and Visa, earlier this month.
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