Mumbai-based fintech platform PocketATM has raised $400K in its pre-seed round from 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, a Public Policy Advisor, and Rajat Agarwal, Partner at Vertices Partners.
Founded by Mihir Mehta and Sushil Kurri, the platform promises 100% transaction fulfillment at almost zero charges, providing maximum convenience to users.
The platform is already operational in the Mumbai and Navi Mumbai regions, gradually expanding its footprint.
PocketATM functions by utilizing 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 plans to deliver a seamless experience of cash withdrawal to users while disrupting the retail cash management ecosystem.