Transerve Technologies, which offers geospatial technology software for urban planning to governments, city corporations and builders has raised $1.6 million from IL&FS Investment Managers and Omidyar Network in a Series A round.
The startup helps municipal authorities to map geographical locations and structures in city limits. Thereby helping them get better revenue and tax collection process. It provides information about all properties within the corporation’s geographical limits which are stored centrally in a database and retrieved when required.
The company says its software is in use in several cities in Maharashtra, Uttar Pradesh and Goa. Other clients include estate managers, real estate companies, ports, water and sanitation agencies and natural resource management agencies.
“More than 200 million people in India lack secure property rights. Access to property rights often starts with reducing the cost and complexity of maintaining property records. Transerve’s solutions help urban local bodies increase revenue and improve civic service delivery by maintaining an accurate database of properties,” said Shreya Deb, principal, Omidyar Network.
It is incubated at the Center for Innovation, Incubation and Entrepreneurship (CIIE)-IIM Ahmedabad and also supported by Centre for Incubation & Business Acceleration (CIBA), Goa.
Transerve’s flagship product SmartMu provides floor-by-floor and building-by-building visualization and record information. The platform, which is available on mobile phones, helps municipal bodies plug leakage in revenues from property tax and manage real estate resources on the cloud.
“Having validated the ideas early on, we scaled up in a bootstrapped fashion with seed support from CIIE and CIBA. The current round of funding from IL&FS and Omidyar Network has come just at the right time” said Amarsh Chaturvedi, Co-Founder, Transerve Technologies.
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