wordpress blog stats
Connect with us

Hi, what are you looking for?

TranServ raises $15M from IDFC, Micromax and others

transerv

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.

Also read: The curious case of TranServ and iKaaz’s new products

Advertisement. Scroll to continue reading.

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.

Advertisement. Scroll to continue reading.
Written By

I'm a MediaNama alumna from 2015-16 (remember TinyOwl?) now back to cover e-services like food and grocery delivery, app based transport and policies, platforms and media in India.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

While the market reality of popular crypto-assets like Bitcoin may undergo little change, the same can't be said for stablecoins.

News

Bringing transactions related to crypto-assets within the tax net could make matters less fuzzy.

News

Loopholes in FEMA and the decentralised nature of crypto-assets point to a need for effective regulations.

News

The need of the hour is for lawmakers to understand the systems that are amplifying harmful content.

News

For drone delivery to become a reality, a permissive regulatory regime is a prerequisite.

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ