A Bengaluru startup wants to disrupt bank lockers and their waiting lists

Lounge spoke to Arisetty about his new venture:

What made you believe this was a pain-point you needed to solve for?

During my work with MyGate, we started looking into what else we could solve for residents of gated communities. A lot of them spoke about security, especially when it comes to storing valuables at home, and the difficulty of getting new bank lockers. There are several reasons for this—creating lockers requires significant outlay in terms of infrastructure and security, which many banks simply don’t want to make. Lockers are not high-revenue earners for them while eating into their costs—banks want to become more digital instead of creating physical infrastructure that also needs additional security. We looked at the Bellandur area of Bengaluru, where one pin-code has around 50,000 homes around a 3-km radius, with seven banks to service them, of which only three have locker facilities.

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So we decided to focus on gated communities, which already have one layer of security, in our initial stages, and are using common areas within these communities (like the clubhouse or basement) to create our secure vaults.

So your lockers are essentially the same system, just outside of a bank branch?

Initially, the thought was to have bank-type lockers with a security guard who would have the primary key, while the customer would have another key—the way it works in banks. There are security gaps in this system. We decided we needed to take this one step further, and started investing in robotics and automation to make it completely human-less.

Could you explain how your lockers are secured?

We realised, early on, that just building lockers wouldn’t be enough; we needed a systematic approach. Our first step was to identify challenges in the current system. We consulted security experts, law enforcement, and reviewed reports. The second step was to build strong rooms that are impossible to break into. I had previously invested in a US-based robotics company, so I reached out to them for guidance and they helped us develop the technology from scratch.

The modular vault panels are composed of multiple layers of high-strength steel, reinforced with concrete and put together in a mesh design, which enhances the panel’s strength and resistance, making them extremely difficult to penetrate, even with advanced tools like gas cutters or drills. The panels are embedded with ultra-sensitive sensors—similar to those used in stethoscopes, by the way—that are capable of detecting the slightest changes in the environment, from force to sound, heat, smoke, vibration, motion, and even termites. Our AI and ML algorithms filter out noise, ensuring only genuine threats trigger alerts. And the third step was to test this—we tested gas cutting, drilling, and other intrusion methods, and all were detected. Any breach is immediately flagged, and the system alerts the police and our own security and surveillance teams.

And how does a customer gain access to their own vault?

Aurm’s app has multi-factor authentication and is penetration-tested against hacking. Customers access lockers through a fully automated self-service system, like an ATM. There are three ways to gain access into the strongroom where your locker is—through biometrics, such as your palm vein analysis; through a system-generated dynamic password that you access via the Aurm app (this is not a one-time password or OTP but a closed-loop password generator that works offline as well); or via a QR code generated at the vault location that you can scan using your phone to gain access. 

This area is covered by CCTV—and this step has helped us get insurance companies to insure individual lockers; all Aurm vaults are covered by Tata AIG. Once inside the strongroom, where there are no cameras for privacy reasons, there are several similar steps to get your locker, which is fetched by an automated system, within a well-lit, comfortable space where you are alone and can even try on jewellery or read documents in peace. 

Incidentally, customers can even secure their locker with their own locks and keys if that makes them feel safer, taking back the keys with them. Customers can also access their vault 24/7, which is another point where we differ from bank lockers, which are only accessible during bank working hours.

What is your revenue and investment model?

Aurm is self and angel-funded at the moment. We are currently in seven gated communities in Bengaluru, with 10 more facilities currently under construction, which should be ready by March end. We will be operating 5,000 individual lockers at that point. We have a subscription model for customers, which typically ranges from ₹1,500 to ₹2,500 per month depending on the size of the locker. The small ones are around 17 litres in capacity while the jumbo ones are 34 liters. These prices are affordable, I feel—if you think about it, they are equivalent to a single order via a food-delivery app.

Will you be looking outside of gated communities? Shouldn't more people have access to this facility?

Yes, there are plans to set up vaults in other secure areas, such as within tech parks. We really think accessing your locker should be as easy and as secure as withdrawing money from an ATM and not the painful process it is now.

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