Digital payment solution company Transerv has raised Rs 46 crore from Indiabulls Consumer Finance, a wholly-owned subsidiary of Indiabulls Ventures.
In a regulatory filing, Indiabulls revealed that it had issued a share purchase agreement to acquire 42 per cent stake in Transerv on a fully diluted basis in one or more tranches.
It is worth noting that the firm has raised more than $15 million across three rounds (Series A and Series B were undisclosed) and selling almost half of the stakes for a mere $6.5 million or Rs 46 crore.
The acquisition will help Indiabulls to offer payments and lending services to the customers of its consumer finance business, added the company in the filing.
The latest funding comes after a gap of two years for the Mumbai-based company that runs digital payments solution under brand name Udio. It raised $15 million in Series C funding led by IDFC SPICE Fund and Micromax Informatics, along with existing investors Nirvana and Faering Capital India Evolving Fund.
Founded by Anish Williams and Sandeep Ghule in 2010, Transerv is a digital payments enterprise that has received RBI lecence to offer payment solutions in partnership with banks for corporate and merchant entities.
Transerv’s consumer-facing payment solutions include an e-wallet that provides a platform of choice for peer-to-peer transfers. With its social wallet Udio, Transerv offers a platform to send and request money and gifts with added features such as bill splits, group payments, social gifting, recharging, and other utility bill payment facilities.
For corporates, it has a product called Udio Corporate Expense Management Solutions for simplifying tax savings for employees through digital meal vouchers, medical, communication & fuel reimbursements.
Transerv client list includes PayU, Ixigo, Justdial, Micromax, Askmebazar, among others.
The development was reported by ET
