STARTUP
Nearby Technologies is a fintech startup that empowers retailers through its mobile app, PayNearby and also helps retailers across the country earn additional revenues by offering digital financial services.
Startup: Nearby Technologies
Founders: Anand Kumar Bajaj, Rajesh Jha, Yashwant Lodha, Subash Kumar
Founded in: 2016
Where it is based: Mumbai
Sector: Fintech and Hyperlocal
Problem it solves: Helps retailers increase revenues by providing hyperlocal services as well as sell financial products to the bottom of the pyramid.
Funding: Bootstrapped
Emboldened by the idea of starting up, Anand chose to part ways with the Bank in 2014 to work on a fintech venture and realise this vision.
Started in April 2016, Nearby Technologies, his B2B2C venture aims at partnering with neighbourhood retail and kirana stores to offer digital financial services, which includes being an Aadhaar ATM, deposit facilities, utility payments as well as remittance and hyperlocal services.
The company also looks to work as financial agents allowing customers to avail financial products like mutual funds and insurances.
The economics of business
1.Aadhar-based banking services
2.Bharat Bill Payment System for utility bill payments for over 100 billers across India
3.Cards payment without the need for a POS machine enabling card less transactions
4.Domestic remittances or instant money transfer anywhere across the country
Market metrics:-
According to the company, it has a coverage of close to 180,000 retailers on ground, across 5000 pin codes across 15 states. Acting as banking correspondents, these retailers are geo-fenced to provide services in their vicinity up to 500 meters.
It claims its solutions run 140,000 transactions in a day, and have close to 32 lakh senders and 55 lakh beneficiaries’ accounts.