India, May 4 -- Fintech startup Aurm has raised Rs.42 Cr ($4.4 Mn) in its Series A funding round led by Earth Fund and Sattva Ventures. The round also saw participation from multiple angel investors.

The startup plans to use the freshly raised funds to scale its network of automated lockers across residential complexes, corporate campuses and bank branches.

Founded in 2023 by Flatheads founder Ganesh Balakrishnan and Vijay Arisetty, Aurm is trying to solve a structural gap in India's banking infrastructure, limited availability of locker services. According to the startup, fewer than 20% of bank branches in India offer low-revenue locker facilities due to high costs related to real estate and security.

Aurm partners with banks and real...