Mumbai-Based Fintech PocketATM Raises USD 400K in Pre-Seed Funding from Indian Express Commercial Ventures and Others

• ByStartupStory     |    February 13, 2024

PocketATM, a pioneering Fintech platform headquartered in Mumbai, has successfully concluded a pre-seed financing round, securing USD 400,000 in investment. The funding round was spearheaded by influential industry figures, including Indian Express Commercial Ventures, the investment arm of Indian Express Group, Samir Modi of Modicare, Himanshu Nautiyal from Fractal Analytics, Nirav Mehta of Morgan Stanley Private Equity, Hemant Adarkar of Artha Center, Venkatesh Hariharan, a Public Policy Advisor, and Rajat Agarwal, Partner at Vertices Partners.

PocketATM’s revolutionary vision is set to transform the cash accessibility landscape nationwide by localizing cash in circulation. The platform achieves this by empowering local mom & pop stores to serve as cash dispensing touchpoints, delivering cash at customers’ homes, and facilitating cash-outs at the shop location.

The timing of this announcement coincides with the country reporting an astonishing 550 million+ monthly cash withdrawal transactions across 2.3 lac ATMs. AePS, a payment service operated by NPCI, sees extensive use in India, with approximately 110 million transactions processed on the platform in collaboration with multiple participating banks.

Mihir Mehta, Co-founder & CEO of PocketATM, emphasized the platform’s dedication to convenience and reliability, utilizing the UPI protocol for various services to enhance the overall customer experience. He stated, “At PocketATM, our aim is to decentralize the flow of cash by empowering Kirana stores to utilize surplus cash reserves, offering it to users for withdrawals.”

Sushil Kurri, Co-founder & CTO of PocketATM, highlighted the platform’s comprehensive development, addressing over 200 scenarios related to cash withdrawals through Kirana stores. He expressed the goal to evolve PocketATM into a platform capable of providing services such as cash delivery, pickups, and cheque collections seamlessly and trustworthily.

Currently operational in Mumbai and Navi Mumbai, PocketATM is progressively expanding its footprint. Karan Khetarpal, CEO, Indian Express Commercial Ventures, expressed confidence in the disruptive potential of PocketATM, stating, “Given the widespread dispersion of ATMs across the country, the industry is primed for disruption. We have full confidence in the experienced team behind this initiative.”

PocketATM functions by utilizing idle cash liquidity at Kirana stores, allowing customers to withdraw cash using a QR code, eliminating the need for cards or traditional ATMs. The platform promises 100 percent transaction fulfillment at almost zero charges, providing maximum convenience to users.

“PocketATM presents a powerful concept designed to democratize access to cash in a convenient manner,” added Karan Khetarpal. “The platform boasts countless potential use cases, and we believe it will target the retail cash management ecosystem.”

Aligned with PocketATM’s vision to localize cash-in-circulation across India, the platform aims to deliver a seamless cash withdrawal experience to users, disrupting the retail cash management ecosystem. Additionally, the company has built a robust advisory council with investor-mentors, including Mr. Suneel Aiyer, Former CEO, Writer Safeguard | Writer Corporate, Mr. US Paliwal, Former ED, Reserve Bank of India, and Vivek Gupta, founding member, Transaction Square, among others.

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