Transerv a Mumbai-based digital payments company has raised $15 million in Series C funding from IDFC spice fund and micromax informatics, with participation from existing partners Faering Capital India Evolving Fund and Nirvana Capital. The funds will be used in expansion of business and investing in new products.
TranServ was founded by Aditya Gupta, Anish Williams, Sandeep Ghule and Amar Habibullah in 2011. It is a Fintech company focusing on delivering the best payment experiences for an individual and business partners. In July 2012 TranServ raised an undisclosed amount of funding from Nirvana Venture Advisors, Again in July 2014 it raised an undisclosed amount of Series B funding India’s Evolving fund and existing investor Nirvana Venture Advisors.
Anish Williams Co-founder & CEO of TranServ said
“that the investors are keenly monitoring the latest developments in the fintech space and are constantly on a lookout for promising ventures to partner with.”
“Through a combination of the UDIO App, our API Solutions and other payment products, we have seen transactions grow at 300% in the past year and the goal for this fiscal is to continue growing at between 300 to 500% per annum while maintaining unit economics.”
Presently company claims to be processing transaction of Rs 100 crore on monthly basis. TranServ hired some new employees in November 2015, Ashutosh Upadhyay was appointed as cheif product and marketing officer. He earlier worked at OnMobile. Kauhsik Mitra as SVP of product and Amit Kumar Gupta as head of engineering.