ET Bureau HYDERABAD: The director of Balaji Infra Projects Ltd, promoter of Dighi Port, Vinay Kalantri, has floated a new company The Mobile Wallet focuses on offline merchants for cashless transactions. Presently deployed with 25,000 merchants and corner stores across Mumbai, Delhi, Kolkata and Pune, the wallet incentivizes merchants for uptake and helps them in customer acquisition through targeted offers which can be passed on to customers.
“We have already raised a seed-capital of around Rs 33 crores (USD 5 million) and have 100 people on-board to develop the technology. The wallet works on 2G speeds and is targeted at small store owners,” said Vinay Kalantri, managing director of The Mobile Wallet.
“We have already raised a seed-capital of around Rs 33 crores (USD 5 million) and have 100 people on-board to develop the technology. The wallet works on 2G speeds and is targeted at small store owners,” said Vinay Kalantri, managing director of The Mobile Wallet.
He added that the company will be on-boarding a million merchants over the next year. “We already have 300 street-on-feet,” added Kalantri who will be managing the company as a separate entity.
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