Exclusive: Michael & Susan Dell Foundation Invests In Mobile Payments Platform BASIX Sub-K
Thursday, January 5, 2012
BASIX Sub-K iTransactions Limited, a mobile payments platform promoted by Vijay Mahajan’s BASIX Group, has raised an undisclosed amount of equity investment from Michael & Susan Dell Foundation. Sub-K provides residents of rural, urban and semi-urban areas with a mobile technology based transactional platform for access to services like banking, NREGA, utility payments, prepaid mobile pop-ups and others.
This is done through a network called basic convenience outlets (BCO) operated by Sub-K agents. Sub-K appoints service providers/banks at one end and BCOs at the other.
Sub-K, which means less than 1,000 as also ’for everyone’ in Hindi, tries to offer a financial solution encompassing accessibility(BCO to be located within 1,000 meters from customer), affordability(within a cost of 1,000 paisa or Rs 10 per transaction) and outreach(each BCO is expected to serve up to 1,000 customers).
The organisation raised the undisclosed amount sometime in 2011, though the exact date could not be ascertained.
Started in 1996, BASIX is one of India’s largest development group focusing on financial inclusion at the bottom of the pyramid. It has promoted Bhartiya Samruddhi Finance Ltd, India’s oldest microfinance institution which is currently going through a loan recast process.