Financial technology provider TranServ, has raised an amount of USD 15 Million (Rs 100 crore) in a Series C funding round selling an undisclosed stake to investors led by IDFC SPICE Fund, a domestic venture capital fund managed by IDFC Asset Management Company and consumer electronic company Micromax Informatics.
The existing investors, Nirvana and Faering Capital India Evolving Fund, were also present in the round.
Anish Williams, Co-founder & CEO, TranServ explains, “The company is looking to utilize the fresh capital towards accelerating business growth and investing in new product lines including micro credit. We recently opened up our API solutions for partners and are already processing over INR 100 Cr. per month within that product category.”
“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,” he added.
The five-year-old Mumbai-based startup raised lower amounts in the past which till date remain undisclosed.
The company will continue enhancing the Udio product suite including the android / iOS apps for consumers and the API stack for business partners.
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.
Williams said the promoters, including Amar Habibullah, Aditya Gupta, Sandeep Ghule and himself, are the largest shareholders, although they hold less than 51% equity in the company.
This is the first investment of Micromax in this fiscal year. Last year, it earmarked $400 million to be invested into start-ups whose services will be integrated into the company’s smart phones.
