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PXV opposite NDA in early stage Patni-family TranServ VC deal

Stacks of postpay: likely to cause credit crunches
Stacks of postpay: likely to cause credit crunches
Exclusive: PXV Law Partners advised its long standing client, prepaid payments program manager TranServ, in its sale of equity to venture capital (VC) fund Nirvana Venture Advisors, which was advised by Nishith Desai Associates.

PXV Law Partners partners GT Thomas Phillippe and Deepto Roy with associate Shivani Chugh acted for Mumbai-based TranServ, which was founded last year.

Phillippe said that TranServ had been a PXV client since the company was founded. PXV was a January 2011 rebranding of RDA Legal, which was started in April 2008 in Delhi. RDA’s cofounding partner Rohit Das left PXV in February of this year over differences in the vision of the firm.

Nishith Desai Associates associates Karan Kalra and Neha Sinha acted for Nirvana Venture Advisors which is a $75m early stage VC fund co-founded by Amit Patni of Patni Computers. Partner Bijal Ajinkya had acted on the initial formation of the fund. Nirvana invests primarily in the internet, mobile and electronics payment space, according to Deal Curry.

The deal value was not disclosed by the parties to the transaction.

TranServ partnered with Nirvana to develop low-cost delivery and operating models of prepayment that would help banks and other companies who want to expand to prepaid products, according to press release.

Nirvana’s chairman Amit Patni, and managing director Rajan Mehra will join TranServ’s board of directors as part of the deal, reported VC Circle.

Photo by Andres Rueda

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