Press Release 2017-11-16T12:41:06+00:00

Benow acquires a digital payment start-up, Finmo

Tuesday, November 6, 2017: Digital payments company Benow, has acquired Gurgaon-based Finmo and their flagship product DigiBharat with immediate effect in a cash and stocks deal. All existing 500+ merchants acquired by Finmo will be on-boarded as Benow merchants, over the next few weeks.

Commenting on the acquisition, Sudhakar Ram, Founder and CEO, Benow adds, “We strongly believe that acquiring Finmo will help us strengthen our base in the industry and in turn increase our merchant and customer base deeper in India. Finmo also has a strong entrepreneurial team that understands the payment space in India, adding to Benow’s talent base. As a combined entity, we have the capability and momentum to become a leader in enabling neighborhood merchants to accept digital payments”.

Chirag Saini, Co-Founder, Finmo, further adds, “Joining forces with Benow makes us more competent to achieve the goal of a less cash India. Benow founding team’s depth of experience will help us achieve great things ahead.”

About Benow:

Benow is a digital payments platform offered by Cashless Technologies India Limited (CTIL), a start-up incubated by software solutions firm, Mastek, in early 2016. Benow, with a merchant base of more than 10,000 across India helps local merchants grow their business and stay competitive by leveraging digital platforms for customer engagement and accepting digital payments through mobile. Led by Mastek Founder and ex-CEO, Sudhakar Ram, the company’s world class team of c o-Founders brings in expertise from various industries such as retail channels, payments, banking and technology. Benow was one of 21 successful start-ups (among more than a 1000 applicants) that was mentored under Reliance’s GenNext Scalerator programme.

About Finmo:

Finmo, co-founded by Rishabh Jain, Chirag Saini and Dipesh Nagpal, is a FinTech company enabling digital payments for offline retail merchants. The flagship product DigiBharat™ enables Peer-to-Merchant (P2M) payments from 60+ apps powered by the Unified Payments Interface. Finmo was one of the top 10 finalists for PayPal’s Incubation Challenge among more than 250 start-ups from across the country.

For more details, please get in touch with:

Hetal Shah Mehta | hetal.shah@benow.in | M – 9820900740

GivNow, India’s newest platform for Giving helps NGOs raises ₹20,00,000 during #DaanUtsav 

~ Over 19 partner NGOs get 100% matching grants from Mastek Foundation ~

Monday, October 23, 2017: GivNow, a first of its kind fundraising and donor engagement platform created especially for NGOs by Benow, a FinTech start-up incubated by Mastek Ltd, has successfully helped 19 partner NGOs to raise ₹20,00,000 within 4 days of DaanUtsav celebrations in India. All partner NGOs have received 100% matching grants from Mastek Foundation.

The platform was launched in August 2017 and has over 65 small, medium and large NGOs making GivNow one of the fastest growing platform supporting NGOs for retail fundraising in India. The platform enables NGOs to create and run their fundraising campaigns with ease. GivNow is social media ready and campaigns created by NGOs can be shared on WhatsApp, Facebook, email or through SMS. As the donation weblink can be opened on all devices, this enables prospective and existing donors to donate instantly.

Sudhakar Ram, Founder & CEO at Benow adds, “Our vision is to increase the culture of Giving in the country. We identified a big gap in retail donations and being an IT and digital payments company; we will be leveraging technology to make Giving easy .”

Sanjay Mudnaney, Head, GivNow and a Founding Member & Trustree at Mastek Foundation, further adds, “Retail donations for NGOs have lagged in our country, our easy to use campaign creation, donor engagement module and NGO dashboard for monitoring multiple campaigns will assist NGOs to get smart with fundraising.

Dr. Ravi Kumar from Freedom For You Foundation, one of the participating NGOs on the platform shares his views about GivNow, “We have benefitted majorly by using GivNow during DaanUtsav and collected quite a decent sum of money which we had never done so far from any Indian platforms offering service to the NGOs.” Mrs Shakuntala Mazumdar from Thane SPCA felt “It’s a very easy portal to use and one does not need to give a lot of information on the portal. It is instant and the processing charges are really very low and we have raised quite a good amount for our ICU through this portal.”

 

About Benow:

Benow is a digital payments platform offered by Cashless Technologies India Limited (CTIL), a start-up incubated by software solutions firm, Mastek, in early 2016. Benow, with a merchant base of more than 10,000 across India helps local merchants grow their business and stay competitive by leveraging digital platforms for customer engagement and accepting digital payments through mobile. Led by Mastek Founder and ex-CEO, Sudhakar Ram, the company’s world class team of c o-Founders brings in expertise from various industries such as retail channels, payments, banking and technology. Benow was one of 21 successful start-ups (among more than a 1000 applicants) that was mentored under Reliance’s GenNext Scalerator programme.

 

For more details, please get in touch with:

Hetal Shah Mehta | hetal.shah@benow.in | M – 9820900740

Archana Satpute | archana.Satpute@benow.in | M – 9769800533

 

Benow enables local kiranas, vegetable vendors, and other small merchants to accept digital payments through BHIM and UPI powered by YES BANK

Benow enrolls 1000+ merchants in Mumbai. Expanding now to more cities.

 Mumbai, April 12, 2017: The Benow digital payments platform is empowering hundreds of local merchants across Mumbai to accept hassle-free digital payments through BHIM & other UPI apps. Named as ‘BHIM-Enablement Service’, this is a cost-effective and secure method of accepting payments directly into the merchant’s bank account, eliminating the issue of dealing with cash on a day-to-day basis.

The Benow digital payments platform and apps are powered by YES BANK’s UPI systems which allow seamless payments and convenience to the user. The service is also integrated closely with the Bank’s API Banking which allows for easy reconciliation and integration with Benow and their merchants.

While BHIM and other UPI apps have run up millions of transactions for Peer to Peer payments, merchant payments still constitute only a small proportion. Since merchant payments involve setting up a nodal account, collecting MDR, supporting disputes and complaints, Benow fulfils a distinct need in the market not addressed by other players – especially in the case of small, neighbourhood merchants. With local merchants contributing to a significant proportion of the 100 crore daily cash transactions that happen across India, Benow intends to contribute to the 2500 crore digital transaction target set up by the Government for FY 2017-18.

Within 72 hours of signing up for Benow’s BHIM Enablement Service, each merchant is activated with their unique VPA (Virtual Payment address) and a QR code – which on being scanned by the customer through the BHIM app or any bank’s UPI app allows them to make payments directly into the merchant’s bank account. The merchant can operate this service even with just a feature phone. A full function merchant console to review complete payment history, generate dynamic QR codes and send collect requests can work on the merchant’s PC, tab or smartphone. The Benow service provides training, settlement support, hand holding and dispute resolution services, helping small merchants transition effectively to accepting digital payments.

The Benow platform will soon be available in many other cities across India, as the company scales up its nationwide presence.

Mr. Sudhakar Ram, Founder & CEO, Benow says, “We believe that NPCI and the Government have taken significant steps in accelerating digital payments through BHIM and UPI services. The customer response to BHIM has been overwhelming. Independent players like us, with the sponsorship of partner friendly banks like YES Bank, will now step up the merchant base to accelerate merchant payments through UPI. The initial response of merchants in Mumbai has been very encouraging and we are now ready to scale up this service”.

Mr. A. P Hota, Managing Director & CEO, NPCI adds, “Having created the UPI backbone, we are happy that independent players like Benow have stepped in, with the support of partner banks, to deliver innovative products and services to expand usage of digital payments across various segments. I am happy that Benow is focusing in the local merchant segment which has the maximum number of cash transactions today. By providing the service that can empower these small merchants to effortlessly accept payments through BHIM and other UPI platforms, Benow can play an important role in expanding digital payments in the country.”

Mr. Ritesh Pai, Senior President & Country Head, Yes Bank, adds, “At YES BANK, we believe that partnerships with innovative, independent players is the way to accelerate adoption of digital technologies in India. YES BANK was the 1st Bank to focus on enabling Person-to-Merchant transactions on UPI and we are glad to extend this with partnership with Benow, whose focus on local, neighbourhood merchants makes them unique in creating a platform for daily needs purchases to go cashless – enabling kiranas, vegetable vendors, and, small restaurants and food stalls to accept digital payments from their customers.”

Incubated by software services firm, Mastek, Benow is run by Mastek co-Founder and ex-CEO, Sudhakar Ram. The company’s world class team of co-Founders brings in expertise from various industries such as retail channels, payments, banking and technology. Benow was one of 21 successful start-ups (among more than a 1000 applicants) that was mentored under Reliance’s GenNext Scalerator programme.

About Benow:

Benow is a digital payments platform offered by Cashless Technologies India Limited (CTIL), a start-up incubated by software solutions firm, Mastek, in early 2016. Benow helps local merchants across India grow their business and stay competitive by leveraging digital platforms for customer engagement and accepting digital payments through mobile. Led by Mastek Founder and ex-CEO, Sudhakar Ram, the company’s world class team of co-Founders brings in expertise from various industries such as retail channels, payments, banking and technology. Benow was one of 21 successful start-ups (among more than a 1000 applicants) that was mentored under Reliance’s GenNext Scalerator programme.

About NPCI:

National Payments Corporation of India (NPCI) was set up in 2009 as the central infrastructure for various retail payment systems in India and was envisaged by the Reserve Bank of India (RBI) as the payment utility in the country.

About YES BANK: 

YES BANK, India’s fifth largest private sector Bank with a pan India presence across all 29 states and 7 Union Territories of India, headquartered in the Lower Parel Innovation District (LPID) of Mumbai, is the outcome of the professional & entrepreneurial commitment of its Founder Rana Kapoor and its top management team, to establish a high quality, customer centric, service driven, private Indian Bank catering to the future businesses of India. YES BANK has adopted international best practices, the highest standards of service quality and operational excellence, and offers comprehensive banking and financial solutions to all its valued customers. YES BANK has a knowledge driven approach to banking, and offers a superior customer experience for its retail, corporate and emerging corporate banking clients. YES BANK is steadily evolving as the Professionals’ Bank of India with the long term mission of “Building the Finest Bank of the World in India by 2020”.

For further information, please contact:

Benow
Hetal Shah Mehta
Email: hetal.shah@benow.in

Sanjay Mudnaney
Email: sanjay.mudnaney@benow.in