26 April, 2016, Mumbai: TranServ has closed an investment of US $15 Mn . The Series C funding round was led by IDFC SPICE Fund, a domestic venture capital fund managed by IDFC Asset Management Company and Micromax Informatics along with existing investors Nirvana and Faering Capital. TranServ spearheads the rising breed of ventures who are focused on building a sustainable business with a focus on profitability.
Speaking on the development Anish Williams, Co-founder & CEO, TranServ explains “The right blend of scalability and profitable unit economics set apart TranServ from other players in the market. Investors are keenly monitoring the latest developments in the fin-tech space and are constantly on a lookout for promising ventures to partner with. At TranServ, we have built a payments business that consistently focus on delivering the best payment experiences and our overall product strategy has worked well for us. We recently opened up our API solutions for partners and are already processing over INR 100 crore 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 per cent in the past year and the goal for this fiscal is to continue growing at between 300 to 500 per cent per annum while maintaining unit economics”
Commenting on new investors participating in this round, Anish says. “It is a matter of pride to 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.”
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 continue enhancing the Udio product suite including the android / iOS apps for consumers and its rich API stack for business partners.