Aurm Bags ₹42 Cr To Build An Alternative To Bank Lockers

Fintech startup Aurm has raised ₹42 Cr ($4.4 Mn) in its Series A funding round led by Earth Fund and Sattva Ventures. The round also saw participation from multiple angel investors.

The startup plans to use the freshly raised funds to scale its network of automated lockers across residential complexes, corporate campuses and bank branches.

Founded in 2023 by Flatheads founder Ganesh Balakrishnan and Vijay Arisetty, Aurm is trying to solve a structural gap in India’s banking infrastructure, limited availability of locker services. According to the startup, fewer than 20% of bank branches in India offer low-revenue locker facilities due to high costs related to real estate and security.

Aurm partners with banks and real estate developers to set up locker facilities inside gated communities and office campuses, closer to end users.

Its facilities typically span about 300 sq. ft. and can house up to 300 lockers. The startup claims to have reduced the cost of setting up locker infrastructure by about 25% so far, with plans to bring it down even further.

Aurm claims to offer round-the-clock access with multi-layered security systems, including CCTV monitoring, motion detection, vibration sensors and temperature-based intrusion detection.

“… This partnership allows us to leverage the deep domain expertise in the build environment and urban infrastructure of Earth Fund and Sattva Ventures.

It allows us to seamlessly integrate our next-gen vaults into India’s modern residential and corporate developments,” said cofounder and CEO Arisetty.

The startup is targeting affluent urban users, particularly those who face long wait times or lack access to bank lockers. It is also in talks with banks and real estate developers to integrate its vaults into residential projects.

Previously, Aurm claimed that it had engaged with over 1,000 potential customers and multiple developers during early deployments.

With the latest fundraise, the startup looks to scale these pilots and expand across urban centres, positioning itself as an alternative layer to traditional bank locker infrastructure.

Aurm operates in a small but emerging category of private locker infrastructure providers. It competes with players like MySafe India, which offers fully automated safe deposit vaults with biometric access, robotics and 24/7 availability, typically through standalone facilities.

Autovault, another player building automated locker systems for banks and institutions, is also targeting the same gap in access and convenience.

The post Aurm Bags ₹42 Cr To Build An Alternative To Bank Lockers appeared first on Inc42 Media.