Trice
Overview
Trice is a company leveraging online platforms to enhance neighborhood communities through social engagement and commerce. Founded in 2017 by Goutham Reddy, Jaya Priyankha Raghuraman, and Naveen KL in Hyderabad, India, Trice has attracted attention for its community-focused applications. Over the years, it has raised funding of $1.07 million, with its valuation reaching $3.27 million as of the latest reports. Trice also extends its operations to Austin, Texas, where it operates as a payment solution provider, co-founded by Doug Yeager and Hans Reisgies.
Recent Developments
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March 2024: Trice announced a collaboration with Sila to enhance real-time payment solutions. This partnership aims to reduce costs and enhance safety in financial transactions by eliminating certain ACH return codes such as insufficient funds and unauthorized debits.
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January 2024: Trice successfully closed a seed funding round with participation from Diagram Ventures, Royal Bank of Canada, and JAM FINTOP for an undisclosed amount. This followed a previous round in May 2023 that raised $2.99 million.
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2023: Trice expanded its operations in Hyderabad by involving 200+ apartment complexes, creating a local economy with over 100,000 residents. This expansion is part of its vision to foster community engagement and support local businesses through its platform.
Company Information
| Attribute | Information |
|---|---|
| Founding Date | February 3, 2020 |
| Headquarters | Hyderabad, India and Austin, Texas |
| Founders | Goutham Reddy Thumu, Jaya Priyankha Raghuraman, Naveen KL, |
| Revenue | $123K (as of March 31, 2023 for its Hyderabad unit) |
| Profits | -$336K (as of March 31, 2023 for its Hyderabad unit) |
| Key Investors | The Koduri Family Trust, Royal Bank of Canada, Diagram Ventures |
| Industry | Community Engagement, Payment Solutions |
| Number of Employees | 29 (Hyderabad unit as of November 2024), 214 (Austin unit) |
Early History
Trice started its journey in Hyderabad, India, focusing on creating a platform for community engagement in 2017. Its initial service revolved around enabling home-cooked food businesses to connect with local neighborhoods. The platform itself quickly gained traction with its mission to foster community interaction and support local micro-entrepreneurs. Early support from local investors during its seed funding stage in 2021 allowed Trice to expand its platform functionalities and reach a more extensive community base. By 2020, Trice had established its presence in more than 200 apartment complexes, bringing modern digital services to traditional community settings.
Company Profile and Achievements
Trice's business model focuses on creating a local economy driven by community interactions and engagements. It offers services that range from ordering homemade foods to fostering community-based transactions among residents. A key achievement includes the engagement of over 100,000 residents across 200 apartment complexes in Hyderabad, facilitating commerce and interaction not just among residents but also with local service providers. Another significant accomplishment was securing $1.07 million in seed funding, aiding Trice in expanding its reach and improving platform functionalities.
Additionally, in Austin, Trice has made waves as a payment solution company. Known for providing efficient real-time money movement solutions, Trice has established itself as a noteworthy contender in the financial technology space, partnering with companies such as Finovate for innovation in payment systems.
Current Operations and Market Position
Trice currently operates dual business models: community engagement platforms in India and financial technology services in the United States. In Hyderabad, Trice has cemented itself in the local community market, providing a digital platform for neighbors to engage, transact, and support local businesses, thereby enhancing community relations. In Austin, Texas, Trice delivers advanced payment solutions, focusing on real-time transactions, which leverages partnerships with financial institutions to broaden its service offerings.
Conclusion
Trice remains a pivotal player in the sectors of community engagement and financial technology. Through its dual operations in India and the U.S., Trice facilitates interactions within communities and reinforces real-time financial transactions. Looking ahead, the company aims to continue expanding its community platform's reach and further innovate its payment processing capabilities, positioning itself as a pioneer in fostering social engagement and advancing financial technologies.