TranServ Gets $15 Million in Funding From Micromax, Others

Digital payments company TranServ Tuesday said it has closed an investment of $15 million (around Rs. 100 crores) in a series C round of funding led by IDFC SPICE Fund and Micromax Informatics along with existing investors Nirvana and Faering Capital India Evolving Fund.

The company will utilise the capital towards accelerating business growth and investing in new product lines including micro credit, it said in a statement in Mumbai.

"TranServ, recently opened up API solutions for partners and is already processing over Rs. 100 crore per month within that product category," Anish Williams Co-founder and chief executive of TranServ said.

"Post this round of funding, we will be exploring growth opportunities through both organic and inorganic modes," he added.

Williams further claimed the company had seen transactions grow at 300 percent in the past year and the goal for this fiscal is to continue growing at between 300 to 500 percent per annum while maintaining unit economics.

The recently announced partnership with Micromax will help completely redefine mobile payments for Micromax users and help TranServ reach brand new customer segments across the country, the company said.

TranServ recently forayed into the corporate space through its small value employee payments delivered through the Udio app and is looking to capture 35 percent of the market by the end of the current fiscal.