Digital payments firm TranServ has secured Series C investment of $15m from IDFC Spice Fund, a venture capital fund managed by IDFC Asset Management and smartphone manufacturer Micromax Informatics.
Existing investors Nirvana Venture Advisors and Faering Capital also participated in the latest fundraiser.
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TranServ plans to utilise the funds to accelerate business growth and invest in new product lines including micro credit.
The company added that it will continue enhancing the Udio product suite including the Android / iOS apps for consumers and its rich API stack for business partners.
Speaking on the development, TranServ co-founder and CEO Anish Williams said: "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."
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