Bhubaneswar-Based Startup Acquired By Fintech Major For ₹592 Million
Bhubaneswar: Chief Minister Naveen Patnaik on Thursday tweeted that a fintech startup, iServeU Technology has been acquired by Bengaluru-based Niyogin Fintech for a sum of ₹592 million in cash and stock deal. Niyogin will own 51 percent of iServeU Technoloy.
This company was backed by Startup Odisha and was the first recognised platform to achieve ₹100 crore in valuation and has raised over $8 million in funding.
#Odisha-based @iServeUIndia, backed by @Startup_Odisha, has been acquired by fintech major @NiyoginFintech for ₹592 million. It’s the first #StartupOdisha recognised platform to achieve ₹100Cr in valuation & has raised over $8 Million in funding. https://t.co/s2nbGEeqvj
— CMO Odisha (@CMO_Odisha) September 3, 2020
iServeU has developed a scalable and inclusive payments infrastructure system that enables small village merchants to serve local communities. Transactions worth over US$500 million annually are done on this platform.
The pandemic has reportedly increased digital payments in rural India as well.
“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,” Debiprasad Sarangi, Co-Founder and CEO, iServeU Technologies said in a statement.