Eko India Financial Services Private Limited

Eko India Financial Services is a fintech company based in India, specializing in transforming traditional retail outlets into accessible banking and financial institutions for underserved communities. Founded in 2007, Eko India Financial Services Private Limited operates out of Gurugram, India. The company focuses on providing financial services through its proprietary platform, enabling retailers to facilitate cash transactions and banking services. Co-founders Abhinav Sinha and Abhishek Sinha have a background in technology and finance, contributing to the innovative nature of Eko's offerings.

The company has successfully raised INR 300 mn during its latest funding round, Series B, which occurred on February 22, 2023, bringing the total amount raised to INR 300 mn across four deals. Eko India Financial Services offers a comprehensive suite of fintech solutions aimed at transforming traditional retail outlets into banking and financial institutions. Their core offerings include a platform that enables retailers to facilitate cash transactions, including money transfers to any bank account in India, cash withdrawals using biometric authentication via Aadhaar, and utility bill payments for over 100 billers across the country. These services are designed to serve low and moderate-income individuals who may not have access to conventional banking services.

Eko's proprietary platform 'Connect' empowers retailers to provide these services, enhancing their business model with minimal investment while addressing the needs of underserved communities. In 2023, Eko reported a revenue of INR 5,790,431. 20. The company generates revenue through various transaction-based services provided to retail partners and end customers, where retailers charge fees for facilitating money transfers and utility payments.

This business model establishes a partnership that incentivizes service provision, ensuring a steady flow of transaction-based income. In February 2023, Eko India Financial Services Private Limited raised INR 300 mn in Series B funding from new investor Exxora, which is part of a larger INR 750 million Series B funding round. The company plans to utilize this funding to boost product development and expand its network of engaged micro-entrepreneurs. Eko is focusing on enhancing its product offerings and further increasing its reach in the Indian market.