Indian start-up to enable bank transactions via kirana stores

Tuesday, November 4, 2014

Khosla Labs, launched by investor Vinod Khosla, has incubated a technology start-up to drive financial inclusion.

Novopay Solutions, incubated in Bangalore under the guidance of Srikanth Nadamuni, is a mobile paymentcompany that uses the Aadhaar biometric scanner to allow people to conduct banking transactions from neighborhood shops. Novopay has launched services in New Delhi, Mumbai, Kolkata and Bangalore, and plans to offer them across the country.

“It is exciting for us as Novopay, the company we incubated at Khosla Labs, is looking to drive financial inclusion. Our goal is to help set up banking centres in villages using kirana stores,” said Nadhamuni.

Source: Business Standard (link opens in a new window)

Base of the Pyramid, financial inclusion