Transerve, a geospatial technology start-up, raises $1.6 million
Bengaluru: Transerve Technologies, which sells geospatial technology software to governments, city corporations and builders on Wednesday said it has raised $1.6 million from IL&FS Investment Managers and Omidyar Network in a Series A round.
The start-up provides a cloud-based software to help municipal authorities map geographic locations and structures in city limits. This eases the revenue and tax collection process since information about all properties within the corporation’s geographical limits 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.
Transverse was incubated at the Centre for Innovation, Incubation and Entrepreneurship (CIIE)-IIM Ahmedabad in 2013.
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.