MUMBAI, July 11, 2012 /PRNewswire/ --
TranServ Private Limited, a prepaid payments program manager, announced that it has raised capital from Nirvana Venture Advisors Private Limited to assist them in their plans. As part of the deal Amit Patni, Chairman of Nirvana Venture Advisors and Rajan Mehra, Managing Director of Nirvana Venture Advisors will join the TranServ board.
Founded in 2011, TranServ offers prepaid card programs to banks, retailers and other companies who can take advantage of leading technology, specifically tailored for the Indian market. A number of banks and other companies want to expand into prepaid products but are currently hampered by the need to adapt to existing systems and the unavailability of a low cost delivery and operating model.
Anish Williams, Co-founder & CEO of TranServ, while announcing the deal commented, "We are excited to partner with Nirvana Venture Advisors. This investment will help scale up our operations and resources to deliver our current and planned payment products."
Prepaid cards will play an increasingly important role in financial inclusion and enable presently under banked communities to buy and pay electronically. "We offer our clients a turnkey solution to build, operate and manage innovative prepaid programs including mobile payment solutions, delivered through a low cost platform and the wide spread distribution of business correspondents," added Williams.
Rajan Mehra, Managing Director, Nirvana Venture Advisors, said, "At Nirvana, we believe that the payments landscape is transforming in India and that offers a large opportunity for new products and business models. We are excited by what TranServ is creating and the team has rich experience in the payments business. This investment allows us to align with them at the right stage and also participate in their future success."
TranServ's initiative to improve the electronic payment mode will play a key role to increase the efficiency of electronic payments in India.
TranServ is a prepaid program manager, headquartered in Mumbai, offering prepaid payment solutions to clients and thereby enabling new customer segments to transact electronically including the presently under banked communities. TranServ enables distribution of payment solutions through its business correspondents who are located across India and who enable the under banked communities to transact electronically.
The company has been founded by a group of senior executives from the banking industry, with extensive experience in the payment businesses. TranServ's objective is to partner with banks to deliver payment solutions through existing banking platforms. The initial focus is on developing electronic payment solutions for underserved communities.
About Nirvana Venture Advisors:
Nirvana Venture Advisors is an early-stage venture capital fund, focused on the internet, mobile and electronic payments space. The fund makes early stage investments in companies which can benefit from the favourable Indian demographic, rapid consumerization and increasing penetration of always-on internet in India. The founding team of professionals has a strong track record and extensive operating experience in the internet and IT space. The fund has been anchored by the Patni family, pioneers in the Indian ITES ecosystem. For more details, visit www.nirvanaventures.in
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SOURCE TranServ Private Limited