- iServeU had secured approval of investment of up to INR 100 crores or USD 13 million.
- Niyogin Fintech has now invested INR 50 crores of the first tranche in iServeU.
- iServeU to create over 1500 new engineering jobs in Bhubaneshwar, Odisha in next 3 years
Bhubaneswar, India | April 08, 2022
iServeU, a leading financial infrastructure provider, had secured an investment commitment of INR 100 Crores or USD 13 million from its parent, Niyogin Fintech Ltd. This is in-line with the hypergrowth strategy that was announced in November 2021. As part of this commitment the first tranche of this investment, comprising INR 50 Crores has been invested in iServeU. The money will largely be utilized in building the talent and technology to help bring in incremental products and service capabilities on our platform to create India’s premier API infrastructure platform.
Our business plan will enable us to increase the tech team by 300 in coming quarters in Bhubaneshwar through these investments, which is a validation of the talent potential of Odisha. And a step towards investing into the socio economic future of Bhubaneswar which is emerging as a start-up hub.
Tashwinder Singh, MD & CEO, Niyogin Fintech Limited said “We are deeply committed to our partnership with iServeU. We think we are at pole position to dominate the API infrastructure platform play in Financial services. This investment is in line with our strategy of delivering “Banking as a Service” to our customers.”
Commenting on the milestone, Debiprasad Sarangi, CEO and Co-founder of iServeU Technology said, “We are excited by the opportunity to create the most comprehensive banking infrastructure platform offering in the market enabling businesses to offer full-stack financial services. Further this investment will create hundreds of new cutting edge engineering jobs in Bhubaneswar, Odisha and validates the talent potential of the state.
The iServeU platform is in the FinTech segment. It is the only full stack financial infrastructure company to be your one stop solution for providing innovative customer experience for payment acquiring, issuing, accounts, lending, withdrawal, deposit, remittance, insurance and customer KYC etc. Our technology gives partners complete banking services embedded within their own application. We have tied-up with product partners such as banks, insurance companies, among others, helps it to facilitate a technology-led product delivery system. On the other hand, through its partnership-led model, it onboards Banking Correspondents (BC) partners (includes enterprises and local community BCs) on the platform to reach out to local retail stores. By connecting banks, BC partners, and BC agents in one place, it makes the merchants to provide frictionless and easily accessible banking, financial, and payment services to local communities. For more information, visit www.iserveu.io
iServeU Technology Private Limited (iServeU) is a DIPP certified Fintech Company registered under The Start-up India program of Government of India, supported by NSTDEB, pledging towards making India a financial inclusive society. The Company is 5 years old and is successfully running several technology solutions in partnership with Banks, NBFCs, FI Players and Corporate BCs. iServeU is offering financial inclusion products in 25,000+ villages across India. For more information, visit www.iserveu.in
For further details, please feel free to contact:
|iServeU Technology Pvt Ltd||Registered Office:|
|Bhubaneswar | Bangalore | Mumbai
|4th Floor, JSS STP Tower 1,
Bhubaneswar, Odisha – 751024
This press release may include statements of future expectations and other forward-looking statements based on management’s current expectations and beliefs concerning future developments and their potential effects upon Niyogin and its subsidiaries/associates. These forward-looking statements involve known or unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Forward-looking statements are provided to allow potential investors the opportunity to understand management’s beliefs and opinions in respect of the future so that they may use such beliefs and opinions as one factor in evaluating an investment. These statements are not guarantees of future performance and undue reliance should not be placed on them. Important factors that could cause actual results to differ materially from our expectations include, amongst other: general economic and business conditions in India, our ability to successfully implement our strategy, our research and development efforts, our growth and expansion plans and technological changes, change in laws and regulations that apply to NBFCs, increasing competition in and the conditions of the NBFCs, changes in political conditions in India. Neither Niyogin, nor our Directors, or any of our subsidiaries/associates assume any obligation to update any particular forward-looking statement contained in this release. The Company undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.