TranServ raises $15 mn from IDFC SPICE Fund, Micromax, others

TranServ, a digital payments company, has closed an investment of $15 million. The Series C funding round is being led by IDFC SPICE Fund and Micromax Informatics, one of India’s top consumer electronics companies along with existing investors Nirvana and Faering Capital India Evolving Fund.

“It’s exciting times for payments businesses in India,” said Anish Williams, co-founder & CEO, TranServ, adding that the right blend of scalability and profitable unit economics sets apart TranServ from other players in the market.

Williams said the company would use the fresh capital for accelerating business growth and investing in new product lines including micro credit. The company will continue enhancing 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 redefine mobile payments for Micromax users and help TranServ reach brand new customer segments across the country.

TranServ has also recently entered the corporate space through its small value employee payments delivered through the Udio app and is looking to capture 35 per cent of the market by the end of the current fiscal, he said.

“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.” said Williams.

He added, TranServ has built a payments business which focuses on delivering payment experiences and recently opened up its API solutions for partners and are already processing over Rs 100 crore per month within that product category.

Through a combination of the Udio App, API Solutions and other payment products, the company has seen transactions grow at 300 per cent in the past year and the goal for this fiscal is to continue growing at between 300-500 per cent per annum while maintaining unit economics, he added.

In addition to social payments for individuals, several large businesses are using TranServ’s platform via API’s to deliver appealing end-consumer payments services.