AdStringO Eyes a Spot in Co-op Banks, wants $5m to Move in

The Economic Times - - Disruption: Startups & Tech - Taslima.Khan@ times­

New Delhi: AdStringO, a Mum­bai-based mo­bile com­pres­sion soft­ware startup, is in talks with mul­ti­ple ven­ture funds for rais­ing $5 mil­lion in Se­ries-A round to fund in­ter­na­tional ex­pan­sion and to cash in on co­op­er­a­tive banks’ need to fa­cil­i­tate dig­i­tal trans­ac­tions. The firm ex­pects to close this round of fund­ing by April. “We want to ex­pand ag­gres­sively to other coun­tries like Sri Lanka, Bangladesh and some coun­tries in Africa, and also cater to the co­op­er­a­tive banks sec­tor which has been greatly im­pacted by the gov­ern­ment’s de­mon­eti­sa­tion since they lack any sort of tech­nol­ogy in­fra­struc­ture to sup­port dig­i­tal trans­ac­tions,” said Mohan Chan­drasekaran, CEO at AdStringO. “We are in the last stages of sign­ing up a cou­ple of large co­op­er­a­tive banks to en­able them to pro­vide ser­vices to cus­tomers such as open­ing loan ac­counts us­ing mo­bile tech­nol­ogy with­out in­cur­ring costs on open­ing new bank ac­counts,” said Chan­drasekaran who ear­lier served as CTO at Reliance Cap­i­tal. The startup helps com­pa­nies net new cus­tomers with­out be­ing phys­i­cally close to them. The com­pany, which fo­cused on large cor­po­rates that fol­low the branch-based model for growth, counts Tata Group, ICICI Bank and HDFC as its cus­tomers.

Startup helps cos net new cus­tomers with­out be­ing phys­i­cally close to them

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