April 26, 13.42 PM IST || Pocket News Alert
Scalability and profitable unit economics helps TranServ secure investments
Mumbai, 26 April, 2016: TranServ, a leading digital payments company, has closed an investment of USD 15 Mn . 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, one of India’s top consumer electronics companies along with existing investors Nirvana and Faering Capital India Evolving Fund. TranServ spearheads the rising breed of ventures who are focused on building a sustainable business with a focus on profitability.
It’s exciting times for payments businesses in India and 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”
Commenting on new investors participating in this round, Anish says. “It is a matter of pride to also have Micromax and IDFC partner with us, along with our existing investors Nirvana and Faering Capital; on our journey to offer the best payment experiences to our customers and build a large & sustainable business.”
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. The recently announced partnership with Micromax will help completely redefine mobile payments for Micromax users and help TranServ reach brand new customer segments across the country.
In addition to pioneering social payments for individuals, several large businesses are using TranServ’s platform via API’s to deliver appealing end-consumer payments services. TranServ has also recently forayed into the corporate space through its small value employee payments delivered through the Udio app and is looking to capture 35% of the market by the end of the current fiscal.
“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.
About TranServ:
TranServ is India’s leading fintech company focused on creating the best possible payment experiences for individuals and business partners. TranServ offers the Udio wallet to individuals which is a platform of choice for P2P transactions, including social gifting, ability to split bills and make group payments and also enables business partners to deliver a delightful consumer experience by utilizing our cutting-edge technology. TranServ’s rich API stack is being used by both merchant partners & corporates to scale, collect and disburse payments to individual customers, employees, vendors or suppliers in an efficient manner.
Visit www.transerv.co.in
www.udioforyou.com
About Nirvana :
Nirvana advises / manages two early-stage funds, exclusively focused on the Indian internet, mobile and electronic payments segments. The funds make early stage investments in companies which can benefit from the favorable Indian demographic, rapid consumerization and increasing penetration of always-on internet in India. The Nirvana founding team has a strong track record & extensive operating experience in the Internet and IT Space. Nirvana has been anchored by the Patni family, pioneers in the Indian ITES ecosystem.
For more details, visit www.nirvanaventures.in
About Faering Capital:
Faering Capital is a boutique Indian asset management firm founded by Aditya Parekh and Sameer Shroff. The firm currently manages a Rs. 800 crore domestic private equity fund (Faering Capital India Evolving Fund) that aims to capitalize on investment opportunities generated through broad-based consumption-led growth in India by investing in high quality companies and becoming a collaborative partner in their growth journey. Sectors of interest for the fund include: financial services, consumer, retail, healthcare, education, media, technology, internet, and business services.
About IDFC:
IDFC SPICE Fund is a domestic venture capital fund, which has raised funds from domestic investors to invest in a mix of unlisted and listed opportunities. IDFC Asset Management Company Limited is the Investment manager of the Fund.
IDFC Asset Management Company Ltd. was established in 2000 and is already one of the largest Mutual Fund houses in India. In a relatively short span of time, it has developed a robust investment platform to offer consistent value to its investors.
IDFC Asset Management Company Ltd. is a well-established fund house sponsored by IDFC Ltd. The AMC manages a range of funds across debt and equity asset classes and has a distribution reach that covers 39 cities directly and has an indirect presence in over 190 towns across India. With a strong research capability and a performance track record, IDFC MF has received a number of awards and recognitions for its schemes performance from different research and rating agencies.
The performance record of IDFC AMC is a direct result of its commitment to a disciplined and time-tested investment approach, proprietary to the AMC.
For more information log on to www.idfcmf.com.
About Micromax Informatics Ltd.
Micromax Informatics Limited is one of the leading consumer electronics company in India and the 10th largest mobile phone player in the world (Counterpoint Research). Over the past 5 years, Micromax has pioneered the democratization of technology for masses by offering affordable innovations through their product offerings and removing barriers for large scale adoption of advanced technologies. Micromax* is currently the largest mobile vendor in India with a market share of 16.6 percent in Q2 of 2014 (Counterpoint Research). The brand’s product portfolio embraces more than 60 models today, ranging from feature rich, dual – SIM phones, 3G Android smartphones, tablets, LED televisions and data cards. The company also has many firsts to its credit when it comes to the mobile handset market including the 30-day battery backup, dual SIM phones, QWERTY keypads, universal remote control mobile phones, first quad-core budget smart phone etc. The company has its operations across Russia and SAARC markets. Micromax* sells more than 3 million Mobility Devices every month, with a presence in more than 560 districts through 1, 30,000 retail outlets in India. With presence across India and global presence in Russia and SAARC markets, the Indian brand is reaching out to the global frontier with innovative products that challenge the status quo that Innovation comes with a price