TranServ, a Mumbai, India-based digital payments company, raises $15m in Series C funding.
The round was led by IDFC SPICE Fund, a domestic venture capital fund managed by IDFC Asset Management Company and Micromax Informatics, with participation from existing investors Nirvana and Faering Capital India Evolving Fund.
The company intends to use the funds to accelerate business growth and invest in new product lines including micro credit, enhance the Udio product suite including the Android / iOS apps for consumers and its API stack for business partners.
Led by Anish Williams, Chief Executive Officer, and Aditya Gupta, Chief Operating Officer, TranServ is a fintech company focused on creating payment experiences for individuals and business partners. The company offers the Udio wallet to individuals for P2P transactions, including social gifting, ability to split bills and make group payments. The company’s API stack provides both merchant partners & corporates with a solution to scale, collect and disburse payments to individual customers, employees, vendors or suppliers.