Oxigen Services is an Indian fintech company. It is involved in micropayment of services and remittances in real time. The company was started in 2004 by an alumnus of IIT Roorkee with the help of Blue Label Telecom, and the company was listed on the South African Stock Exchange. It allows customers to make mobile/DTH recharges, money transfers through banks and the Oxigen Wallet, utility bill payments, and other similar payments. The firm reportedly has a retail footprint of 200,000 active outlets with 2 billion transactions processed as of January 2016. In June 2016, it was reported that the transaction volume rate of Oxigen was 600 million transactions per annum with a customer base of more than 150 million.
Background
Started with a seed capital of Rs. 4 crore in 2004, the company was estimated at $150 million in 2014. In its initial rounds of investment, Oxigen Services received $11.5 million from Citi Venture Capital, USA in 2006 along with $35 million from Microsoft in 2008. The firm is India's first non-banked mobile wallet, approved by RBI in 2013 for instant money transfers to any bank. These money transfers are available real-time in association with National Payments Corporation of India using IMPS. The firm received an approval from the RBI in 2016 to be a part of the Bharat Bill Payment System, connecting users with the central bill payments and settlement system of National Payments Corporation of India. The firm also set up ‘Super PoS - Micro ATM’ terminals to meet the requirements of merchants as well as banks. This Super PoS demonstrates features such as Micro ATM - Cash-In and Cash-Out, as per the specifications of NPCI, biometric scanner for Aadhaar transactions, Jan Dhan account servicing, merchant payments and eKYC.
Oxigen Wallet, powered by Oxigen Services Pvt. Ltd. is India’s first non-bank wallet, approved by Reserve Bank of India allowing customers to send and receive money through popular social networking platforms. As per a report published in April 2016 by VCCircle, the app claims to have 20 million users, is accepted at around 9,000 merchant locations and 10,000 online sites. Oxigen Wallet provides solutions for money transfer, mobile & DTHTV payments, utility bill payments, gift cards, travel, movie ticket booking and Virtual Visa. Oxigen is the first online wallet allowing consumers to load cash in their mobile wallet. It enables individuals to transfer money, even if they don't have a bank account. Oxigen enables payment solutions in different verticals with brand tie-ups listed below:
Aarambh Ventures is Oxigen's accelerator programme which helps startups to grow and innovate. Kalaage which was the first startup at Aarambh Ventures and it recently got funded.
