PocketATM, a Mumbai-based Fintech platform revolutionising cash accessibility, announced today the closure of a USD 400 thousand pre-seed financing round. The investment was led by prominent figures in the industry, including Indian Express Commercial Ventures, the investment vehicle 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 vision is to disrupt the cash management landscape nationwide by localising cash in circulation. The platform makes this possible by empowering local mom & pop stores to become cash dispensing touchpoints and services customers by delivering cash at home & also enabling cash-outs at the shop location.
The announcement comes at a time when the country has reported a staggering 550 million+ cash withdrawal transactions on a monthly basis across 2.3 lakh ATMs in the country. AePS, a payment service operated by NPCI, is used by millions of individuals in India to perform transactions like cash withdrawals and deposits and approximately 110 million transactions have been processed on the platform with multiple participating banks.
Mihir Mehta, Cofounder & CEO of PocketATM, highlighted the platform's commitment to convenience and reliability, utilising the UPI protocol for a range of services while enhancing the overall customer experience. He said, “At PocketATM, our aim is to decentralise the flow of cash by empowering Kirana stores to utilise surplus cash reserves, offering it to users for withdrawals.”
“We are developing a platform committed to convenience and reliability, serving as a unified application within the hybrid payments landscape,” he added.
Sushil Kurri, Cofounder & CTO of PocketATM, emphasised the extensive development involved in creating the platform, addressing over 200 scenarios related to cash withdrawals through Kirana stores. “Our goal is to evolve PocketATM into a comprehensive platform capable of providing services such as cash delivery, pickups and check collections in a seamless and trustworthy environment.”
The platform is already operational in the Mumbai and Navi Mumbai regions, gradually 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 utilising the idle cash liquidity at Kirana stores, enabling customers to withdraw cash using a QR code, eliminating the need for cards or traditional ATMs. The platform promises 100 percent transaction fulfilment at almost zero charges, providing maximum convenience to users.
“PocketATM presents a powerful concept designed to democratise access to cash in a convenient manner," added Karan Khetarpal.