Photo Credit: Chris Harrison at Creative Commons
Gurgaon-based m-commerce and mobile app and solution company Triotech has received its first round of funding of $3 million from Singapore's venture capital firm BlueHill Asset Management.
The money will be used to expand the number of post offices providing mobile money transfer service across the country through its subsidiary Maverick Mobile.
At present, 15,000 post offices have the facility, where people can send money; the firm plans to expand this to 40,000 post offices.
“We see Triotech Solutions in the right space of growth, especially with huge potential in the mWallet, mobile banking and remittance space in India,” said Vicknesh R Pillay, Managing Director of BlueHill Asset Management.
How it works
Through this service, a user can deposit money at a post office, and put in his and the beneficiary's mobile numbers and the pincode in the device. The device generates a transaction ID which is messaged to the receiver, who can show it at any other post office and get the money.
“We are working towards creating multiple use cases on the same platform for ease of the end consumer, which would increase the footprint of this solution. The initial fund will be used for enhancing this solution wherein point to multi-point mobile money transfers will be done. The use cases would help banks/microfinance companies to use the same remittance platform for wide distribution of money to the far-flung areas (below INR 10,000…US$158) instantly,” said Munish Dhingra, Co-founder and Chief Sales Officer of Triotech Solutions.
Triotech Solutions, through its subsidiary, is engaged with Bharat Sanchar Nigam Limited (BSNL) and Department of Post (DoP) to digitize their money remittance business. It aims to provide a financial remittance service that does not require users to have a bank account.
Recently Triotech, in collaboration with Amdocs, also signed an agreement with BSNL to roll out the mobile financial platform and services for State Bank of India for its mWallet project. This platform and solution will enable customers of any mobile operator to get a mobile wallet account.
