Adarsh is a new brand of cashless, cash-based society, a digital payment platform that aims to change the way Indians think about money.
The platform was launched on February 18 in Mumbai and has already raised over $2 million in venture capital funding.
The founders, P. B. Shaukat and Anupam Shuklal, have a degree in computer science and are passionate about digital transformation.
Shrukat, who is currently a professor of finance at IIT Bombay, is the company’s CTO and an expert in blockchain technology.
He is also a consultant on the platform.
Shsukat said the idea for Adarsh was born out of a desire to change people’s mindset.
“Money is an old concept and I wanted to take a step forward and change the mindsets of the masses,” he said.
Adarsh started as a project in 2016 to give people an alternative to paying their monthly bills with cash.
Since then, the platform has expanded to include other payment options like loyalty cards, digital currencies, prepaid cards, and prepaid debit cards.
Shuglal said Adarsh aims to make the world’s first cashless online payment system accessible to everyone.
“We believe that people will have a positive experience of this payment platform, and that will bring people more in line with their own personal goals,” he added.
Adash’s platform has been in beta for more than a year.
Shuflas said they aim to have it available for users by March 31, 2021.
In the meantime, the founders plan to launch a cashless loyalty program and expand it to other online services.
Shukshan, a self-proclaimed technophobe, believes that digital transformation is just one step in a wider trend towards cashless societies.
“In the past, we would only have to go and do a single payment and there was nothing to show,” he told IndiaSpend.
“Now, all of us can transact without paying any attention to the bank account balance.
That is a huge change.”