TranServ Raises 100 cr from Micromax, IDFC, Others
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