NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Friday, December 19, 2014

Mobile payment services company Triotech Solutions has raised $3 million (nearly Rs 19 crore) from Singaporebased venture-capital firm Bluehill in its first round of funding.

The deal was for a minority stake in the Gurgaon-based company. Co-founder and Chief Executive Rajesh Kaul says it plans to raise another $100 million from private equity placements over the next two-three years.

Funds from Bluehill will be used for expanding the number of post offices where it offers mobile money remittance to 40,000. The company currently has its devices in 15,000 post offices from where people can use an app to send money instantly.

If someone wants to send money, he needs to deposit it at the post office, and then key in his and the beneficiary’s mobile numbers and the receiver’s pincode in the device. The device will generate a transaction ID and message it to the beneficiary who can flash it at the post office at his end and take the money.