NEW DELHI: Financial technology provider TranServ raised about Rs 100 crore ($15 million) in its third round of funding, selling an undisclosed stake to investors led by Micromax Informatics and IDFC Asset Management Co.
Micromax and IDFC Asset Management are new investors in the Mumbai-based company. Existing investors Nirvana and Faering Capital India Evolving Fund also participated in the series C funding, TranServ said on Monday. IDFC has invested in the company under the venture capital fund called IDFC SPICE.
“We plan to introduce new products including micro credit,” said Anish Williams, CEO of TranServ, when asked where the money will be invested. It plans to also hire more people and build technology around payments.
“We aim to be a fully profitable company within the next year or year and a half,” Williams said, adding, so the company may not need another round of funding soon, based on the current rate of growth.
But funding may be required if new lines of products are launched. TranServ processes more than Rs 100 crore in transaction value a month from its API solutions for partners, he said. The Udio mobile wallet app, API solutions and other payment products combined have seen transactions grow four-fold in the past year and the company aims to outdo that with six-fold growth in the coming year.
The five-year-old startup raised lower amounts in the past which till date remain undisclosed.
Williams said the promoters, including Amar Habibullah, Aditya Gupta, Sandeep Ghule and himself, are the largest shareholders, although they hold less than 51% equity in the company.
The investment is the first for Micromax in the fiscal year that began this month. Last year, it earmarked $400 million to be invested into start-ups whose services will be integrated into the company’s smartphones.
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