[caption id="attachment_105356" align="alignnone" width="700"]Anish Williams, CEO of TranServ Anish Williams, CEO of TranServ[/caption]

Mumbai-based Financial technology provider TranServ has raised about $15 million in its third round of funding led by Micromax Informatics and IDFC Asset Management Co.

Micromax and IDFC Asset Management are new investors in the company. Existing investors Nirvana and Faering Capital India Evolving Fund also participated in the series C funding. IDFC has invested in the company under the venture capital fund called IDFC SPICE.

The raised funding will be used to introduce new products including micro credit,  hire  more people and build technology around payments.

"We aim to be a fully profitable company within the next year or year and a half," said Anish Williams, CEO of TranServ, adding, so the company may not need another round of funding soon, based on the current rate of growth.

The company
 recently opened up its API solutions for partners and are already processing over Rs.100 crore per month within that product category.

In 2015, Micromax earmarked $400 million to be invested into startups whose services will be integrated into the company's smartphones. This investment is the first for Micromax in the fiscal year that began this month.

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