InMotion
Empowering auto-rickshaw drivers though technology and human interventions!.
| Date | Investors | Amount | Round |
|---|---|---|---|
| - | investor | €0.0 | round |
N/A | Seed | ||
| Total Funding | 000k | ||
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InMotion Media Ventures Pvt. Ltd, operating as InMotion, was a fintech company established in 2015 with a focus on serving India's unbanked and underbanked populations. The company was founded by Durgesh Nandann, who was later joined by Saurabh Jaiswal as Chief Technology Officer. InMotion aimed to build a comprehensive financial ecosystem for daily wage earners and low-income groups, with a particular emphasis on auto-rickshaw drivers.
The core of InMotion's business was a technology platform designed to provide financial, healthcare, and educational assistance. A key service was a mobile application that enabled real-time money transfers to any bank account in India. This service effectively turned local grocery shops and other small businesses into banking points through a network of 'Bachat Mitra' kiosks. By September 2016, the company had established approximately 50 of these kiosks across Delhi, connecting with over 5,000 auto-rickshaw drivers. Beyond simple money transfers, the platform was built to help users establish a credit score, which would grant them access to a wider range of financial products such as insurance, loans, and pension services.
InMotion's business model was based on subscription charges and commissions from service providers. The company secured seed funding in July 2015 from investors including Prabhat Agarwal, Rajiv Agarwal, and Abhinav Krishna. This was followed by a pre-Series A funding round in September 2016, which saw participation from the founders of online pharmacy 1mg, Prashant Tandon and Gaurav Agarwal, among other angel investors. The stated goal for this funding was to expand operations into Tier II and Tier III cities in northern India and to further develop their product offerings. Despite its initial traction and funding, the company has since been reported as deadpooled.
Keywords: fintech, financial inclusion, daily wage earners, underbanked, unbanked, money transfer, mobile banking, credit score, micro-transactions, Bachat Mitra, Durgesh Nandann, India, Delhi, low-income groups, financial services, digital payments, social impact, startup, pre-Series A, seed funding