IDFC, Micromax lead $15m Series C for India's TranServ
IDFC Asset Management and consumer electronics manufacturer Micromax Informatics have led a INR1 billion ($15 million) Series C round for Indian digital payments developer TranServ.
Existing investors Nirvana Venture Advisors and Faering Capital also participated in the round. The capital will be used to improve the company's technology platform and product offerings, including its mobile wallet service Udio. TranServ also plans to add new capabilities, such as microcredit and microfinance services.
The company is already working with Micromax and Visa to market its payment solutions to a wider range of customers. In addition, TranServ contracts with the government to manage disbursements of grants and other industry investments, and is negotiating with banks to start a credit business.
The Series C round brings TranServ's total funding to $20 million; the two previous rounds, both for an undisclosed amount, were led by Nirvana. Co-founder and CEO Anish Williams told The Economic Times that the company expects to be profitable by the end of 2017 based on current growth levels, but that additional investment might be needed if new product lines are introduced.
IDFC invested from its IDFC Spice Fund, a vehicle that targets investments in the growth drivers of the Indian economy, particularly infrastructure and domestic consumption. The fund has a total size of INR3.9 billion and makes early-stage, late-stage, and pre-IPO investments, as well as pursuing PIPE deals.
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