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TranServ offers Udio wallet, a platform for P2P transactions including social gifting, ability to split bills and make group payments

TranServ, a digital payments company in Mumbai, has closed US$15 million in Series C round of investment, co-led by IDFC SPICE Fund (a domestic VC fund managed by IDFC Asset Management Company) and leading handset manufacturer Micromax Informatics.

Existing investors Nirvana and Faering Capital India Evolving Fund also participated.

The company will utilise the capital to accelerate business growth and invest in new product lines, including micro credit.

“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 and inorganic modes,” said Anish Williams, Co-founder and CEO, TranServ.

Started in 2011, TranServ offers Udio wallet — a platform of choice for P2P transactions, including social gifting, ability to split bills and make group payments. TranServ’s API stack is being used by both merchant partners and corporates to scale, collect and disburse payments to individual customers, employees, vendors or suppliers in an efficient manner.

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“We recently opened up our API solutions for partners and are already processing over INR 100 crore (US$15 million) 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 per cent in the past year and the goal for this fiscal is to continue growing at between 300 to 500 per cent per annum while maintaining unit economics,” added Williams.

The firm recently announced a partnership to offer mobile payments to Micromax users. This agreement will help TranServ reach brand new customer segments across India.

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 per cent of the market by the end of the current fiscal.

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