Fewer than 360 million of India's 1.2 billion population have bank accounts. In contrast, there are 800 million mobile connections in the country. In early 2007, brothers Abhishek and Abhinav Sinha came up with a brainwave: why not try and extend banking services on mobile phones to those who do not have accounts?
|EKO India Financial Services|
Founded in: 2007
Founders: Abhishek Sinha, Abhinav Sinha
What makes it cool: Enables those without regular bank accounts to save, transfer funds via mobiles
Sahad's take: The company is in a good space of financial inclusion. It helps unbanked migrant workers transfer money through mobiles. It has the early mover advantage. There is a huge need for this service.