BharatATM to add 2 million stores by 2022 to offer banking services to rural areas

BharatATM, a rural banking platform, has announced significant growth numbers. The FinTech startup has on boarded 4.5 lakh small merchants covering 14,645 pin codes with a GTV (Gross Transaction Value) of Rs 2,000 crore since its inception eight months ago. In the same period, it has served over 20 lakh retail customers with their banking needs.

BharatATM was launched in December 2020 by Mahagram, a leading fintech company in collaboration with actor Sonu Sood as its brand ambassador. The app offers comprehensive banking services including account opening, deposits, remittances and cash withdrawals to rural masses in tie up with local Kirana stores, thereby, eliminating the need to invest time and money traveling significant distances to the closest bank branch or ATM. The app allows its retail customer to open bank accounts at the neighborhood store by just producing their Aadhaar & PAN Card and authentication using E-KYC. Till date, Bharat ATM has helped more than 20 lakh customers to avail banking services at their doorstep or at the local Kirana store with a customer repeat rate of 30 per cent.

As a rural NEO Bank, ‘BharatATM’ offers a unique ‘Recurring Deposit Program’ with the highest return of 11 per cent per annum to housewives, senior citizens and even teenagers. Using private banks’ proprietary licenses, it already has a network of 3.5 lakh touchpoints across the country comprising 20,000 handheld terminals (wireless ATMs) for cards.

Additionally, the assisted banking app has also started its own ‘investment & lending’ offering for small shop keepers in rural India. It offers 10 per cent rate of return on savings and low interest loans against their savings, to run their day to day business efficiently.

Ram Shriram, Founder, Mahagram, said, “Witnessing the growth of Bharat ATM since its launch and the number of people who are currently availing our services, we are planning to add around 2 million retail stores on BharatATM Platform by the end of 2022.”

“Given the fast-growing FinTech industry, we are looking forward to raising USD 10 million in next quarter. BharatATM is also aiming to expand its business to new geographies and is focusing on scaling up its operations,” he said.