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iServeU

iserveu.in

Stage

Corporate Majority | Acquired

Total Raised

$40K

Valuation

$0000 

About iServeU

iServeU is an online platform that enables users to transfer money to any bank account in India. It allows for cash deposit, cash withdraw, balance enquiry, AEPS, and other banking services through is mobile application and website. On August 31, 2020, Niyogin Fintech acquired a majority stake in iServeU.8M.

Headquarters Location

4th Floor, JSS STP 1 Infocity, Patia

Bhubaneswar, 751024,

India

+91 83380 88000

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Latest iServeU News

Niyogin To Acquire 51% Strategic Stake In iServeU

Dec 22, 2022

Niyogin, a publicly listed fintech startup, today announced the acquisition of 51% strategic stake in iServeU for Rs 592 Mn (US$ 8 Mn) in a cash plus stock deal. iServeU Technology (iServeU) is a Full Stack FinTech startup that has built an innovative, scalable, and inclusive payments infrastructure to reach the underbanked with a focus on rural India by enabling small village merchants to serve local communities. iServeU has seen rapid adoption of its platform and has been processing transactions worth ~US$500m annually on their platform. Equirus Capital acted as the exclusive financial advisor to iServeU for this transaction. The transactions and platform adoption have accelerated through the lockdown caused by the COVID-19 pandemic, as rural local communities rapidly moved towards digital platforms for their financial needs. Welcoming the strategic participation, Debiprasad Sarangi, Co-Founder and Chief Executive Officer, iServeU Technologies said, “We see Niyogin as a long-term strategic partner and are excited about what Niyogin and iServeU can deliver jointly to rural customers and micro-businesses, transform communities, leverage technology to empower people and accelerate much needed financial inclusion in India. The capital infusion will be used to scale and accelerate growth with expanding footprint deeper into rural India and new product innovation.” Ajit Deshmukh, Managing Director & Head of Investment Banking at Equirus Capital said, “This transaction creates unique synergistic opportunities for both iServeU and Niyogin, leveraging their last mile reach, complementarity of product suite, and rich fintech experience, to create novel value propositions for their customers, collectively. With financial inclusion at the heart of their vision, this transaction will help include the next billion users, eliminating common challenges of transaction costs and reach” The acquisition is subject to certain closing conditions and regulatory approvals. Share this article:

iServeU Frequently Asked Questions (FAQ)

  • Where is iServeU's headquarters?

    iServeU's headquarters is located at 4th Floor, JSS STP 1, Bhubaneswar.

  • What is iServeU's latest funding round?

    iServeU's latest funding round is Corporate Majority.

  • How much did iServeU raise?

    iServeU raised a total of $40K.

  • Who are the investors of iServeU?

    Investors of iServeU include Niyogin Fintech and Government of Odisha.

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