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. TranServ plans to use the funds for business expansion and investing in new products like micro credit.
As of now, the company claims to be processing transactions worth Rs 100 crore monthly. Its press statement adds that through UDIO, its API solution and other payment products, its transactions grew at 300% in the past year, while in this year, they’re expected to grow between 300-500%. TranServ was founded by Aditya Gupta, Amar Habibullah, Sandeep Ghule and Anish Williams in 2011.
Previous funding: In July 2014, TranServ raised an undisclosed amount in Series B funding from Faering Capital’s India Evolving Fund and existing investor Nirvana Venture Advisors. The company had previously raised an undisclosed amount of investment from Nirvana Venture Advisors in July 2012.
UDIO wallet: In January, the company launched a mobile walled called UDIO in partnership with Ratnakar Bank (RBL) to offer physical VISA prepaid cards as well, letting users use the wallet for offline payments. A new VISA card could be ordered from ‘My UDIO Card’ in the wallet where users needed to provide details like name, address etc, post which the card was mailed to the user. UDIO is a rebrand of the company’s Shmart! Wallet (more details below) with a different interface and additional features like bill splits etc.
Micromax and mVisa-RuPay tie up:
– In December last year, Micromax and Transerv entered into an agreement to integrate a wallet called UDIO in Micromax phones. This would give Micromax users a native payments solution for financial and social transactions including sending or requesting money, splitting bills, sending gifts to friends, and making payments through phone integrations.
– In the same month, the payments company tied up with mVisa and RuPay to launch a new digital wallet called Shmart which would be accepted at offline stores and ecommerce portals. Interestingly, TranServ had tied up with RBL Bank to launch Shmart in February 2015.
New hires: In November 2015, TranServ appointed Asutosh Upadhyay as chief product and marketing officer. Prior to this, Upadhyay worked at OnMobile, where he led the global digital marketing for over 4.5 years. The company also appointed Kaushik Mitra as SVP of product and Amit Kumar Gupta as head of engineering.