Mumbai, 14 February 2024 – PocketATM, a fintech platform headquartered in Mumbai, has successfully raised $400,000 in its pre-seed funding round. The investment was led by prominent backers, including Indian Express Commercial Ventures, Samir Modi of Modicare, Himanshu Nautiyal from Fractal Analytics, Nirav Mehta of Morgan Stanley Private Equity, Hemant Adarkar of Artha Center, Venkatesh Hariharan (Public Policy Advisor), and Rajat Agarwal (Partner at Vertices Partners).
Founded by Mihir Mehta and Sushil Kurri, PocketATM stands out by promising 100% transaction fulfilment at nearly zero charges, ensuring maximum convenience for users. The platform is designed to operate seamlessly, utilizing the UPI protocol for various services and enhancing the overall customer experience.
Operational Model:
Already operational in Mumbai and Navi Mumbai, PocketATM operates by tapping into the idle cash liquidity at Kirana stores. It empowers customers to withdraw cash using a QR code, eliminating the reliance on cards or traditional ATMs. The platform envisions disrupting the retail cash management ecosystem while providing a streamlined cash withdrawal experience for users.
Mihir Mehta, the co-founder and CEO of PocketATM, emphasized the platform’s commitment to convenience and reliability. Utilizing surplus cash reserves at Kirana stores, PocketATM aims to decentralize the flow of cash. Sushil Kurri, co-founder and CTO, highlighted the extensive development efforts, addressing over 200 scenarios related to cash withdrawals through Kirana stores.
Expansion Plans:
PocketATM is on a gradual expansion trajectory, with an operational presence in Mumbai and Navi Mumbai. The platform’s unique approach to cash withdrawal aligns with the broader goal of providing services like cash delivery, pickups, and cheque collections in a seamless and trustworthy environment.
India currently witnesses over 550 million cash withdrawal transactions monthly across 2.3 lakh ATMs. PocketATM enters the fintech landscape aiming to contribute significantly to the evolving payments ecosystem.
Conclusion:
The successful pre-seed funding round positions PocketATM for growth, allowing it to further refine and expand its innovative approach to cash withdrawals. With strategic partnerships and a focus on convenience and reliability, PocketATM seeks to carve a niche in the dynamic Indian fintech landscape, addressing the evolving needs of users and Kirana store partners alike.
