TranServ receives $15 million from DFC SPICE Fund , Micromax

NEW DELHI: Digital payments company TranServ has raised $15 million in Series C funding led by IDFC SPICE Fund and Micromax Informatics, with participation from existing investors Nirvana Capital and Faering Capital India Evolving Fund.

At TranServ, we have built a payments businessthat consistently focuses on delivering the best payment experiences and our overall product strategy has worked well for us. We recentlyopened 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," said Williams, Co-founder & CEO, TranServ.

“It is a matter of pride to also have Micromax and IDFC partner with us, along with our existing investors Nirvana and Faering Capital; on our journey to offer the best payment experiences to our customers and build a large & sustainable business," he aded.

The company is looking to utilize the fresh capital towards accelerating business growth and investing in new product lines including micro credit. The company will continueenhancing the Udio product suite including the android / iOS apps for consumers and its rich API stack for business partners. The recently announced partnership with Micromax will help completely redefinemobile payments for Micromax users andhelp TranServ reach brand new customer segments across the country.

In addition to pioneering social payments for individuals, several large businesses are using TranServ’s platform via API’s to deliver appealing end-consumer payments services. 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 themarket by the end of the current fiscal.

“At TranServ, we are building a payments business that will be very different from others. Post this round of funding, we will be exploring growth opportunities through both organic &inorganic modes.” concludes Anish.