India-based digital payment processor TranServ has raised Rs 1bn ($15m) in a series C round co-led by consumer electronics manufacturer Micromax Informatics, the Economic Times reported on Monday.
The round was co-led by IDFC Spice Fund, the venture capital arm of infrastructure finance provider IDFC, and also included existing investors Nirvana Venture Advisors and Faering Capital India Evolving Fund.
Transerv’s technology can be integrated into merchants’ own systems, enabling them to accept digital payments. The company, which claims to have 10 million users, processes about $15m in payments each month.
The funding will support the launch of new products including microloans, further development of TranServ’s payment technology and the expansion of its team. It has not disclosed details of earlier funding.