TranServ Raises 100 cr from Mi­cro­max, IDFC, Oth­ers

The Economic Times - - Disruption: Startups & Tech - Gul­veen.Au­lakh @times­group.com

New Delhi: Fi­nan­cial tech­nol­ogy provider TranServ raised about .₹ 100 crore ($15 mil­lion) in its third round of fund­ing, sell­ing an undis­closed stake to in­vestors led by Mi­cro­max In­for­mat­ics and IDFC As­set Man­age­ment Co. Mi­cro­max and IDFC As­set Man­age­ment are new in­vestors in the Mum­bai-based com­pany. Ex­ist­ing in­vestors Nir­vana and Faer­ing Cap­i­tal In­dia Evolv­ing Fund also par­tic­i­pated in the se­ries C fund­ing, TranServ said on Mon­day. IDFC has in­vested in the com­pany un­der the ven­ture cap­i­tal fund called IDFC SPICE. “We plan to in­tro­duce new prod­ucts in­clud­ing mi­cro credit,” said Anish Wil­liams, CEO of TranServ, when asked where the money will be in­vested. It also plans to hire more peo­ple and build tech­nol­ogy around pay­ments.

“We aim to be a fully prof­itable com­pany within the next year or year and a half,” Wil­liams said, adding, so the com­pany may not need an­other round of fund­ing soon, based on the cur­rent rate of growth. But fund­ing may be re­quired if new lines of prod­ucts are launched. TranServ pro­cesses more than .₹ 100 crore in trans­ac­tion value a month from its API (ap­pli­ca­tion pro­gram­ming in­ter­face) 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 startup raised lower amounts in the past which till date re­main undis­closed. 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.

TranServ pro­cesses more than 100 crore in trans­ac­tion value a month from its API so­lu­tions

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