TranServ claims a total of 10 million users. It processes about $15 million per month through its APIs, which let merchants integrate payment tools into their own software, with clients including BookMyShow, PayU, Ixigo, and Askmebazaar.

The company plans to launch new products, including micro-loan services, new non-payment features for its API stack, and online meal vouchers for companies that still issue paper coupons to their employees. It will also continue developing its mobile wallet app Udio.

TranServ co-founder and CEO Anish Williams says that Udio, which lets users split bills and send money to one another, was one of the first peer-to-peer transaction apps in India.