Changer Mints, a Kolkata-based startup working to solve that frustrating “no-change” problem across retail stores has raised just over $160K (Rs. 1 crore) from a Hydreabad based investor. With the newly raised funds, the company is planning to expand its reach and operations.
The company was started four years ago with an aim to solve the “no-change” problem across retail outlets with NFC. Just for a short recap, NFC is a short range wireless technology which can send and receive small amount of data when two devices are connected within a specified range.
Whenever a customer has to pay or collect change, Changer Mints’ tech allows the customer to use NFC card from the company and tap on merchant’s termial to complete the remaining transaction via NFC wallet.
Mahesh Bhupathi Pardhasarthy, CEO of Changer Mints, said,
The problem of small change has had deep socioeconomic implications in India as well as in other developing economies. Changer Mints has set out to bring the change.
Gagan Reddy, investor in the company, said,
The change seems small. But it’s a very, very irritating problem. When integrated with buses and small merchants, this could become a big opportunity.
It will soon start talks with banks after which, the transacted amount will be directly deposited into the bank account. It is one of the seven start-ups from Kolkata warehouse which are selected by Nasscom 10,000 startups.