PayMart operates a technology platform that turns kirana stores, retail outlets, petrol pumps and other merchants into virtual ATMs, enabling cardless cash withdrawals via an OTP-driven flow on a merchant’s smartphone. The company claims a network of over 50,000 merchants across Mumbai, Chandigarh, Ambala, Mohali, Indore, Ahmedabad and Delhi and has tie-ups with several banks and corporate partners like Shop Kirana, Altruist and SR Plus. The platform charges a fee per withdrawal from banks, shares 70% of that fee with merchants, and keeps the service free for customers. PayMart says it has obtained a foreign exchange license and plans to commence forex operations, and intends to expand into payments, insurance, loans and remittances as a full-stack fintech offering. The startup aims to grow its merchant network to over 10 million by 2026, capture 10% of India’s cash-out market, and expects to break even within three years.

Total raised

$1M

Funding rounds

1

Latest round

Equity

Latest activity

Aug 2021