Triotech gets funding from BlueHill Asset Management

VARINDIA- INDIA'S FRONTLINE IT MAGAZINE

Gurgaon-based mCommerce and mobile application/solution company, Triotech Solutions Pvt. Ltd, has received their first round of funding of US$3 million (approximately Rs.19 crore) from Singapore-based venture capital firm, BlueHill Asset Management Pte. Ltd. This fund will be used for expanding the number of Post Offices providing “Mobile Money Transfer Service” across the country through its subsidiary "Maverick Mobile". At present, 15,000 post offices across the country have the facility of Mobile Money Transfer Service, which operates on specially designed Point of Service (PoS) for the Post Office. Triotech Solutions through its subsidiary is engaged with Bharat Sanchar Nigam Limited (BSNL) and Department of Post (DoP) to digitize their Money Remittance Business.. "We are working towards creating multiple use cases on the same platform for ease of the end consumer, which would increase the footprint of this solution”.  The initial fund will be used for enhancing this solution, wherein point to multipoint Mobile Money transfers will be done. Also, the number of post offices to be covered will be increased from 15,000 to 40,000. The use cases would help the banks/microfinance companies to use the same remittance platform for wide distribution of money to the far-flung areas (below Rs.10,000) instantly," said Munish Dhingra, Co-Founder & Chief Sales Officer, Triotech Solutions Pvt. Ltd. "We see Triotech Solutions in the right space of growth, especially with huge potential in the mWallet , Mobile Banking and Remittance space in India," said Vicknesh R Pillay, Managing Director, BlueHill Asset Management Pte. Ltd. Recently, Triotech, in association with Amdocs, has also signed an agreement with BSNL for rolling out the mobile financial platform and services for State Bank of India for mWallet project .This platform and solution will enable customers of any mobile operator to get a mobile wallet account.