Many Indians typically store their valuable assets, such as gold or important documents, in cupboard lockers or traditional home safes, which exposes these items to risks like theft or disasters. Some opt for bank lockers for added security, but this choice comes with challenges such as transparency issues in locker allotment, security concerns, ambiguous liability clauses, and more.
A Bengaluru-based startup, Aurm, aims to address these challenges by offering a unique safe solution focused on easy availability, high-end security, privacy, and insurance coverage up to Rs 25 lakh. Aurm has partnered with banks and real estate companies to provide safe deposit lockers.
We interviewed Aurm’s co-founder and head of marketing, Ganesh Balakrishnan, to learn more about the startup’s operations and vision. Here’s an overview of the conversation:
How did you come up with the idea for Aurm?
“We, along with our co-founders, who have been collaborating at MyGate for some time, were brainstorming ways to enhance the value proposition for urban affluent Indians beyond residential security. During these brainstorming sessions, I joined the team and quickly established a rapport. Together, we identified the challenge of securely storing valuables like gold, jewelry, and important documents. Many affluent Indians have attempted to secure a bank locker but faced challenges due to locker unavailability in nearby branches. This problem has become more acute as they move into urban clusters with high-rise apartments and gated communities, where banks struggle to establish enough branches and offer lockers to meet demand. Aurm is envisioned as a solution to provide secure, easily accessible safe deposit storage for the affluent urban Indian population.”
How does Aurm operate, and what is its business model?
“The company collaborates with banks to provide state-of-the-art safe deposit storage facilities that are fully automated and available 24/7, 365 days a year. Aurm’s vaults feature military-grade security infrastructure, active surveillance, intrusion detection systems, and are fully insured. The vaults offer a luxurious dressing room experience and can be located in various settings such as bank branches, corporate offices, malls, or residential communities. Our revenue model relies on annual subscriptions from end users, who pay a fee to access and utilize our safe deposit storage services. We also partner with banks and real estate developers through revenue and cost-sharing arrangements.”
How has Aurm grown since its inception, and what are your near-term goals?
“Since our inception, we’ve expanded our presence to three societies and attracted over 600 active subscribers. In the short term, we aim to establish a presence in three cities by year-end and expand to ten cities within the next three years. Leveraging strategic partnerships with banks will enable us to reach 400,000 subscribers.”
