Firm targets 25 societies to address rising demand for secure storage as banks face infrastructure challenges
Aurm unveiled plans to set up safe deposit facilities featuring 5,000 lockers in 25 residential societies in Bangalore this year, aiming to capitalise on the demand for private safes perceived as more secure and less complex than bank lockers. The firm also plans to expand to major cities such as Hyderabad and Mumbai next year.
“The country is witnessing a major problem related to safe and secure storage of valuable items as the number of affluent Indians grows, but banks are overwhelmed with a lack of infrastructure. Aurm aims to solve these burgeoning challenges by providing secure, accessible, and automated safe deposit lockers,” stated Ganesh Balakrishnan, co-founder of Aurm.
According to National Crime Records Bureau data, there were 8.4 lakh cases of theft in India in 2022, with 2.8 lakh occurring in residential premises. Items worth Rs 2,100 crore were stolen from homes in 2022.
“There is an urgent need for protection of one’s hard-earned wealth and assets, and one’s home is probably not the best place to safely store them,” Balakrishnan added.
India, the world’s second-largest consumer of gold after China, sees Indian households holding an estimated 22,000-25,000 tonnes of gold, allocating 10-15 per cent of their assets to it. Despite the rise in physical gold purchases, a significant gap exists between the demand and supply for bank lockers, prompting the Reserve Bank of India (RBI) to introduce reforms in 2023 to enhance locker security and management.
Balakrishnan, the founder of the bamboo-based sneaker brand Flatheads, alongside former core team members of MyGate Vijay Arisetty, started Aurm to tackle the challenges of bank lockers, improving security, and optimising the customer experience for storing valuables such as gold. An alumnus of IIT Bombay and IIM Bangalore, he co-founded Aurm following the acquisition of Flatheads by fashion label Styched. Aurm’s other co-founders are Suraj HS and Pratap Chandana, core team members at MyGate, India’s largest gated community security app.
Industry reports and RBI data indicate there are about 60 million affluent individuals in India with valuable possessions like gold and other precious items. However, only 10 per cent 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.
Rising real estate costs and rapid digitisation are compelling banks to reduce physical branch expansions, which means no additional bank lockers. These challenges, coupled with poor customer experiences with existing lockers, are driving innovations in securing valuables.
Aurm plans to partner with banks and real estate developers to build and manage strong rooms in premium gated societies, corporate clusters, and bank branches.
