Triotech Solutions Receives First Round of Funding From BlueHill Asset Management

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Gurgaon-based m-Commerce and mobile application/solution company, Triotech Solutions Pvt. Ltd., has received their first round of funding of USD 3 Million (approximately 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, 15000 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 15000 to 40000. 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 INR 10,000) instantly,” said Mr. Munish Dhingra, Co-Founder and 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 Mr. Vicknesh R. Pillay, Managing Director of 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.

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About Triotech Solutions Pvt. Ltd.

Founded in 2009, Triotech Solutions Pvt. Ltd. is a leading company in the area of the Value Added Services., mobile commerce service delivery and software solution development and has demonstrated a strong presence in all these areas in the Indian sub-continent. Company has its core strength based on solution, service and innovation and drives its success on customer satisfaction.

For more information, please visit http://www.triotech.co.in

About BlueHill Asset Management Pte. Ltd.

BlueHill Asset Management provides bespoke and discreet sourcing services for project financing, venture capital and private equity investments. We also invest and partner with a number of large corporations, institutional investors, private equity and venture capital firms as well as high net worth individuals to create superior and sustainable returns. Leveraging on our expertise and relationships, we focus on real estate and on promising businesses with capital requirements.

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Mohit Bansal(23) is B.Tech in Electronics and Communication Engineering from Indian School of Mines, Dhanbad, India. He has interest in business and entrepreneurship and has published couple of research articles. He is also associated with various NGOs. He is with Techaloo when it was just in concept stage. The Techaloo site was not existing even then. Currently Mohit is working with Mu Sigma as a Business Analyst Profile.

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