Mumbai-based Transerv Pvt Ltd, a prepaid payments programme manager which operates under the TranServe brand, has raised an undisclosed amount in Series B funding led by PE fund Faering Capital’s India Evolving Fund, with participation from existing investor Nirvana Venture Advisors.
“We cannot disclose the amount since our investors want to keep it confidential,” Transerv CEO Anish Williams told VCCircle. “The capital raised would be used to expand our business into multiple sectors, including government, e-commerce, insurance and dairy payments, as we have been receiving good demand from these verticals.”
The development was first reported by The Economic Times.
Transerv was founded in 2011 by Williams, along with Sandeep Ghule, Aditya Gupta and Amar Habibullah. Williams, an alumnus of University of Bristol and St Stephen's College, had previously worked with Zurich AMC, American Express, India, Citi and HSBC. A product of Narsee Monjee Institute of Management Studies, Ghule had earlier worked with Larsen & Toubro, BlowPlast Limited, ICICI Bank and HSBC. Gupta, who passed out from Management Development Institute, had also worked with Maruti Udyog Limited, ICICI Bank and HSBC. Johnson and Wales University alumnus Habibullah, has been associated with Oberoi Hotels & Resorts, Taj Hotels, Resorts and Palaces, Mashreqbank, GE Money and HSBC.
Transerv has partnered with merchant banks besides Visa and RuPay to offer prepaid card programmes to banks and retailers. Its products include prepaid card, mobile card, remittance card and gift card. For businesses, it offers a host of customised solutions like employee cards, sales channel incentive cards & customer engagement card-based solutions.
Transerv’s payment solutions are offered under the brand Shmart!Pay. The firm claims to have more than 500,000 customers.
Transerv had previously raised an undisclosed amount in funding from Nirvana in July 2012.
Early last month, Bangalore-based e-payment processing solutions startup FortunePay secured under $1 million in angel funding from Kae Capital, Mumbai Angels and Delhi-based Growx Venture Management.
(Edited by Joby Puthuparampil Johnson)