AdStringO looks to raise $5 million to fund international expansion

NEW DELHI: AdStringO, a Mumbai-based mobile compression software startup, is in talks with multiple venture funds for raising $5 million in Series-A round to fund international expansion and to cash in on cooperative banks’ need to facilitate digital transactions. The firm expects to close this round of funding by April.

“We want to expand aggressively to other countries like Sri Lanka, Bangladesh and some countries in Africa, and also cater to the cooperative banks sector which has been greatly impacted by the government’s demonetisation since they lack any sort of technology infrastructure to support digital transactions,” said Mohan Chandrasekaran, CEO at Ad-StringO.

“We are in the last stages of signing up a couple of large cooperative banks to enable them to provide services to customers such as opening loan accounts using mobile technology without incurring costs on opening new bank accounts,” said Chandrasekaran who earlier served as CTO at Reliance Capital.

The startup helps companies net new customers without being physically close to them. The company, which focused on large corporates that follow the branch-based model for growth, counts Tata Group, ICICI Bank and HDFC as its customers.