BASIX Sub-K, the Hyderabad-based startup providing technology enabled transactional platform to unbanked and underserved population, has raised $10.5 Mn from Maj Invest to expand it’s human ATM network in Indian villages.
BASIX Sub-K was founded in 2010 with an aim to bridge the digital divide and create a financially-inclusive society. It is understood that the company will use the funds for business expansion and strengthening its technology platform.
The company equips local entrepreneurs by training them as business correspondent(BC) agents, and they in turn enable the last mile connectivity with the end customer, as human ATM’s. The last mile connectivity is enabled through mobile/kiosk based technology.
Basix Sub-K supports micro-entrepreneurs through microcredit, insurance, pensions, farm loans, personal loans, vehicle loans. Some of these outlets also facilitates Government payments to citizens, Aadhaar card, and PAN card services. Non-banking services are also offered for enhancing the income of the BC agent and to offer convenience to customers.
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