Shark Tank Fame Flatheads’ Founder Launches Aurm with Former MyGate Core Team to Transform Bank Locker Security
Ganesh Balakrishnan, renowned for his bamboo-based sneaker brand Flatheads and a standout appearance on Shark Tank India Season 2, is back with a groundbreaking venture. Alongside former core team members of MyGate and retired Indian Armed Forces officials, Balakrishnan has co-founded Aurm, a venture aimed at democratizing and revolutionizing bank locker facilities in India.
Aurm comes to life following the success of Balakrishnan’s previous venture, Flatheads, which was acquired by the fashion label Styched. The Bangalore-based startup boasts a stellar team, with co-founders Suraj HS and Pratap Chandana, both integral members of the core team at MyGate, the world’s largest gated community security app.
The launch of Aurm aligns with India’s emergence as the world’s second-largest consumer of gold, trailing only behind China. Indian households currently hold an estimated 22,000-25,000 tonnes of gold, allocating 10-15% of their assets to the precious metal. Despite the increasing demand for physical gold purchases, there exists a substantial gap in the supply and demand for bank lockers, prompting the Reserve Bank of India (RBI) to introduce reforms in 2023 to enhance locker security and management.
Aurm aims to address the challenges in the banking locker sector by providing secure, accessible, and automated safe deposit lockers in collaboration with banks. The initiative responds to the concerns of approximately 60 million affluent individuals in India, owning valuable possessions such as gold and precious items. Currently, only 10% of these households have access to the 63 lakh lockers available with public and private sector banks, leaving the rest vulnerable to theft, disasters, and accidents.
Ganesh Balakrishnan emphasized Aurm’s mission, stating, “Aurm aims to solve a major problem related to safe and secure storage of valuable items for Indians. At a time when the number of affluent Indians is growing, the banks are overwhelmed with a lack of infrastructure. We at Aurm intend to partner with banks to mitigate this problem by opening modernized and tech-enabled strong rooms closer to consumers.”
In collaboration with banks and real estate developers, Aurm plans to build and manage these strong rooms in premium gated societies, corporate clusters, and bank branches. The startup will incorporate an advanced robbery response system equipped with technologies like alarms, motion detectors, and direct alerts to authorities. The security and operations aspects of Aurm will be spearheaded by Ananda Rao Moram, an Indian Air Force veteran and ex-Director of Operations at Delhivery.
Aurm’s lockers feature military-grade security and multi-factor authentication, providing substantial insurance coverage of up to Rs 25 lakh per locker. Currently, the startup is bootstrapped and aims to launch its services by the end of February 2024.
Aurm’s innovative service revolves around a fully automated, secure, and user-friendly locker system available 24/7 to bank customers, enhancing both the security and overall experience of storing valuable items. The initial phase will see Aurm setting up locker services in Bangalore, with plans for expansion to Hyderabad later in the year.