Company Name : TranServ
Funding Amount : $15 million
Investor(s) IDFC SPICE Fund
Funding Round : Series C
TranServ a digital payments company and the parent company of Udio wallet, has closed an investment of $15 Million.
The Series C funding round is being 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 India Evolving Fund.
Anish Williams, Co-founder & CEO, TranServ explains “The right blend of scalability and profitable unit economics sets 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 focuses 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 Cr. 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% 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”
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.
“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,” concludes Anish.