The round was led by IDFC Spice Fund and Micromax Informatics. Returning investors Nirvana and Faering Capital India also participated.
Micromax, one of India’s smartphone makers by market share, is also one of the startup’s strategic partners. In recent news,the two companies signed a deal with Visa to offer mobile payment services, including NFC-based contactless payments, on Micromax devices.
The company plans to launch new products, including micro-loan services, new non-payment features for its API stack, and online meal vouchers for companies that still issue paper coupons to their employees. It will also continue developing its mobile wallet app Udio.
TranServ says that Udio, which lets users split bills and send money to one another, can also be linked to a prepaid debit card that is accepted by about one million offline merchants.
Startups that have stepped into the breach by providing tools like mobile wallets that can be linked to bank accounts or topped up at brick-and-mortar stores include Mobikwik and Paytm.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now